Adbri Limited shares tumbled following its 1HFY22 results announcement

Adbri Limited (ASX: ABC) announced its 1HFY22 results for the period ended 30 June 2022:

• The company reported a revenue of AU$812.4 million, an 8% increase from the previous corresponding period (pcp), mainly driven by strong construction and mining sector demand and increased pricing across most products.
• Statutory net profit after tax for the period was AU$48.1 million, down 15% compared to 1HFY21, and an underlying net profit after tax of AU$54.3 million, a 1.3% decline on PCP.
• ABC continues its definitive feasibility study at its Kalgoorlie kiln project, with mine planning and front-end engineering design ongoing and expected to complete in 1HFY23.
• Completion and integration of significant acquisitions are increasing Adbri’s vertically integrated footprint.
• Adbri’s cost reduction campaign has provided AU$7.5 million in gross savings in 1HFY22, partly offsetting inflationary pressures.

At AEST 11:10 AM, ABC shares are dropped 16.165% and are trading at AU$2.23.

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