Profits for the September quarter at Sanjeev Gupta’s InfraBuild steel distribution business in Australia have more than halved compared with a year ago because of falling margins and a slowdown in demand.
The profit slide is outlined in a 533-page document to prospective bondholders for a $US350 million ($550 million) raising by InfraBuild, one of the better performing businesses in Mr Gupta’s global empire of steel and industrial companies in Europe, the United States and Australia.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
