By a staff reporter
Brickworks Ltd expects an improved result in its building products division in the coming year and says its property trust is seeing significant growth, after posting a lift in full-year profit.
The group increased net profit attributable to members by 97 per cent to $85.2 million in fiscal 2013, compared with $43.3 million in the prior year.
Normalised net profit after tax rose by 27 per cent to $100 million, compared with $78.9 million in the previous year.
Earnings before interest and tax in the land and development division rose by 161 per cent to $49.6 million, driven primarily by the sale of Oakdale South for a $23.4 million profit in the first half and continued strong growth of the joint venture property trust, Brickworks said.
Revenue rose nine per cent to $606.5 million, compared with $556.9 million in the previous corresponding period.
Brickworks will pay a dividend of 27 cents per share, fully franked.
"Australia is yet to see a broad based recovery in detached housing construction, however most forward indicators are now positive," the group said.
Brickworks said housing affordability had improved to a ten-year high and consumer confidence is at its highest level since December 2010, and these positive indicators are translating to increasing demand.