Business
Boral swings to $1.14b loss on US woes, scraps its dividend – Sydney Morning Herald
The loss was driven by a $1.32 billion writedown for its troubled business in America, but the building products maker was also hit by lower sales and production volumes in the pandemic.
He was speaking after Boral reported a $1.14 billion net loss for 2019-20 that was driven by a $1.32 billion non-cash impairment, mainly relating to its US operations. It capped off a year where Boral discovered serious accounting irregularities in its US windows business which sparked two class actions.
“In recent times we have let our shareholders down and in the process we’ve let our own people down. I’m determined to rectify that,” he said.
“The portfolio review we’re undertaking is lookin…
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