Building products supplier Adelaide Brighton is the latest victim of the great unwinding of housing construction in Australia, cutting its full year profit forecasts by nearly 30 per cent.

The company blamed “further softening of conditions in the residential and civil construction markets” for a substantial drop in its 2019 net profit forecast, while at the same time revealing a $100 million non-cash impairment.

Approvals for attached dwellings were down 30 per cent. Credit:AAP

It also scrapped its interim dividend, citing the need to conserve capital. The company now expects profit to between $120 million and $130 million, down from $190 million a year earlier.

One-off shipping costs from a redirected cement import order in Victoria, competitive pressures in Queensland and South Australia, and price hikes in raw materials were hurting its bottom line, the group said.