The effects of the banking royal commission are hitting home building, with ASX minnow Tamawood cutting its profit outlook for the year by almost 9 per cent, saying credit delays were holding back construction starts.
Brisbane-based Tamawood on Friday said net profit after tax for the year to June would be down about $800,000 - an 8.8 per cent decline on the $9.1 million figure it reported last year - with more than half of that the result of delays in construction resulting from customers who couldn't get confirmation of bank loan approvals.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
