The surging cost of diesel and other petroleum products has triggered a 15 per cent drop in profit for BMD Group and the contractor preparing the ground for Brisbane’s Olympic stadium warns the rise is hitting civil infrastructure and slowing projects as clients recut budgets
The 50 per cent jump in fuel costs that hit key inputs such as bitumen, a petroleum-based binding agent, was a key reason for BMD’s profit falling to $54.6 million from $64 million in the year to June, even as revenue rose almost 16 per cent to $2.4 billion, chief executive Scott Power said.
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