Brickworks predicts increased earnings

Brickworks is predicting an increase in its first-half earnings, boosted by the recent sale of joint venture land at Eastern Creek.

The company’s predicted earnings in its land and development division for the six months to January 31 are tipped to be slightly over $34 million, compared to $13.3 million for the corresponding period a year before, reports AAP.

Brickworks’ result is bolstered by the sale, announced last week, of its Oakdale South site – owned 50/50 with Goodman Group. The 62-hectare land parcel was valued at $62.6 million.

Figures will be negatively affected by the fire in August last year at its Austwest Timbers Deanmill site, which will reopen around about Easter. Queensland floods also hurt production.