Money Boral eyes trillion-dollar Trump infrastructure plan

23:20  13 february  2018
23:20  13 february  2018 Source:   theage.com.au

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You are here: Home - News - Business News - Boral eyes trillion - dollar Trump infrastructure plan . Boral chief executive Mike Kane on Tuesday said the acquisition would ensure Boral could take advantage of a looming “ infrastructure boom”, as Mr Trump presses ahead with a promise to

Building materials supplier Boral and toll-road giant Transurban are among the Australian companies primed to benefit from Donald Trump 's $US1.5 trillion (.9 trillion ) plan to modernise America's roads, tunnels, airports and other ageing infrastructure .

Boral has lifted its first-half profit by 13 per cent.© Jack Atley Boral has lifted its first-half profit by 13 per cent.

Australian building materials giant Boral says it is primed to benefit from Donald Trump's $US1.5 trillion plan to upgrade America's roads, bridges, tunnels, airports and other ageing infrastructure.

The ASX-listed Boral, which has a strong North American business, dramatically increased its exposure to the US market last year when it sealed a deal worth $US2.6 billion ($3.5 billion) to buy the Utah-based Headwaters, one of the country's leading producers of fly ash.

Boral chief executive Mike Kane on Tuesday said the acquisition would ensure Boral could take advantage of a looming "infrastructure boom", as Mr Trump presses ahead with a promise to spend $US200 billion in federal funding over the decade.

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The Trump administration is eyeing a summer deadline to unveil the president’s trillion infrastructure package. Chao has previously said the plan could land on Capitol Hill as soon as next month.

Trump campaigned on promises to invest trillion in infrastructure over 10 years. Because the document released by Axios appears to be a draft document, some details could still change before a plan is publicly revealed.

The Trump administration's investment is intended to spur an additional $US1.3 trillion in spending from cities, states and private companies.

"It's a $1.5 trillion infrastructure plan that includes a kick-start of $200 billion," Mr Kane said.

"The only criticism coming from the other side of the House is that $200 billion is not enough of a contribution."

Mr Kane said he was "indifferent" to the political debate over whether the investment was too small to drive the anticipated level of private financing, but said, "If the government wants to spend a lot more to kick-start infrastructure, I'd have to say I'm a supporter of that".

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President Trump on Wednesday touted his trillion infrastructure plan — declaring that he would not let the United States degenerate into a “museum of former glory.”

“You know, there was a very large infrastructure bill that was approved during the Obama administration, a trillion dollars ,” Trump said. The Truth Behind the Trillion - Dollar Stimulus, the Biggest Economic Recovery Plan in History.

US President Donald Trump has promised to spend $US200 billion in federal funding over the decade.© Bloomberg US President Donald Trump has promised to spend $US200 billion in federal funding over the decade. The Headwaters acquisition has expanded five-fold Boral's production of fly ash - a byproduct of burning pulverised coal that is commonly used as a partial replacement for cement - and doubled the size of its US roofing and manufactured stone divisions.

Delivering the company's half-year results on Tuesday, Mr Kane announced Boral's net profit had risen 13 per cent, to $173 million in the six months to December, benefiting from the Headwaters acquisition and strong growth in its Australian operations.

Sales revenue for the six-month period soared 40 per cent to $2.9 billion, which was also attributed to the Headwaters acquisition and revenue growth in Australia.

Earning and revenue in Boral's Australia division increased in the six months to December due to strong growth in infrastructure and non-residential activity.

Comment: When the next financial crisis hits, there will be little the RBA can do about it

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The Trump private roads and transportation ( infrastructure ) plan was unveiled in late October, but the plan was superseded in the headlines when FBI Director James Comey slandered Hillary Clinton. When our lying, narcissistic President boldly claims to want a trillion dollars in infrastructure

Trump ’s Trillion - Dollar Infrastructure Plan . Randal O'Toole. November 21, 2016. On the campaign trail, Donald Trump promised to spend twice as much on infrastructure as whatever Hillary Clinton was proposing, which at the time was 5 billion.

"These strong results confirm that our transformation strategy is on track," Mr Kane said.

"The Headwaters acquisition has helped transform Boral into a construction materials and building products group with a greater geographic reach and improved prospects for growth."

Simon Thackray, an analyst with investment bank Citi, said savings targets in the US Boral's Australian profit margins of 16.3 per cent came in slightly below forecasts of 16.5 per cent.

Mr Kane said the company anticipates "continued growth across all businesses" in 2018.

Boral declared an interim dividend of 12.5 cent per share, up from 12 cents per share declared in the year-ago period.

Boral's share price dropped 3 per cent to $7.09 in early trading on Tuesday, but has since bounced back to $7.36.

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Source: http://au.pressfrom.com/news/money/-55229-boral-eyes-trillion-dollar-trump-infrastructure-plan/

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