Boral’s chief executive has predicted that the already struggling residential housing industry will get "a whole lot tougher" as the company cut its annual profit forecast.
Wet weather was blamed along with the slow housing starts for causing the company to shave millions of dollars off its predicted profit range.
"This reduction relates to continued heavy rain and lower residential housing activity on the east coast of Australia, particularly in Queensland and New South Wales," the company said in a statement.
Weather would remain a key variable for Boral in the final months of its financial year, the company said.
