UK homebuilder Berkeley's annual profit misses expectations
Annual Profit Results and Contributing Factors
Profit Performance Overview
June 24 (Reuters) - British homebuilder Berkeley reported annual pretax profit below expectations on Wednesday, as construction activity slowed amid higher building costs, growing consumer caution, and uncertainty linked to the war in Iran, squeezing margins.
Impact of External Factors
Surging energy prices in the wake of the conflict have increased builders' supply costs, adding to challenges posed by regulatory hurdles and waning buyer demand. Berkeley warned in April of a profit slowdown over the next four years.
Financial Figures and Analyst Estimates
The luxury homebuilder reported a pre-tax profit of £451.4 million ($596.16 million) for the year ended April 30, below analysts' estimate of £457.03 million, according to data compiled by LSEG.
Additional Information
($1 = 0.7572 pounds)
(Reporting by Simone Lobo iand Raechel Thankam Job Bengaluru; Editing by Rashmi Aich)
