Economy to grow as housing market revives, Boral chief predicts

– controlled by the billionaire Stokes family – in early October. On Thursday, he said an overhaul of the business was on track but two years away from being complete.

The company is still not in a position to pay out any dividends, it told investors. It last paid a regular dividend four years ago, although shareholders did receive a special dividend in February last year from the proceeds of US asset sales. Mr Bansal said Boral needed to build up franking credits before it began paying dividends again.

Mr Bansal said there was a six- to nine-month lag before Boral felt softening demand from a drop in residential housing approvals, which would make the December half tough in that segment. Volumes overall for Boral across its business were likely to be “flattish” in the December half.

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