By Ray Brindal
CANBERRA (MarketWatch) -- Building materials company Boral Ltd. Friday downgraded its full-year profit forecast, citing the impact of heavy rain and lower residential housing activity on Australia's east coast.
Net profit for the fiscal third quarter was A$22 million below the company's forecast, resulting in an equivalent reduction in guidance for the full year ending June 30--with profit guidance before one-time items now in a range of A$128 million to A$153 million, Boral said in a statement.
Management's profit guidance before one-time items delivered at its half-year results briefing in February had been in a range of A$150 million to A$175 million.
"The United States and Asian results remain broadly in line with expectations and their improved final quarter remains within reach," it said.
Weather and market conditions continue to be key variables in the run-up to year end, and a further update will be provided as the year develops, Boral said.