Boral cuts 100 more local jobs: report

 

Building materials group Boral has cut a further 100 Australian jobs as part of its current drive to rationalise its businesses in Australia and the US.

As The Australian Financial Review reports, the company has now cut its worldwide workforce by 1100 over the past six months.

Speaking at a Macquarie Australia conference in Sydney, Boral chief executive officer Mike Kane said that the company’s strategy is to shift its revenue base away the Australian market and towards further growth in The US and Asia. 

Boral posted to a net loss in the first half and analysts predict earnings will come in at about $130 million this year and twice that in 2014.

It now derives 80 per cent of revenue from the Australian market. It plans to cut this figure back to 50 per cent and increase revenue from the Asian and US markets.

According to Kane, Boral will focus its operations on construction materials and cement in Australia, gypsum in Asia and Australia and cladding in the US.

It is aiming to raise $200 million to $300 million from divestments and land sales in the 2013-14 financial year.