Friday, November 10, 2006

Rinker Results

Rinker has posted an interim 2006-07 net profit of US$410.4m ($A531.85m) after tax. The increase of 12% was accompanied by a revised forecast for the full-year earnings per share, which is estimated be at the bottom of the range of $US.84 to $US0.90.

The reason is the slowdown in residential building activity in the US, where Rinker gains some 80% of its turnover. On a positive note though the interim dividend was up $A0.02 to reach $A0.16. Experts still believe that the figures are good enough to force a rise in the takeover offer made for Rinker by Mexican cement company Cemex, which has bid $A16.8bn.

On 9 November 2006, Rinker stock closed level at $A18.61

Good Luck investing.

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