04:35 PM EDT, 08/09/2024 (MT Newswires) -- Doman Building Materials Group ( CWXZF ) on Friday said its second-quarter profit fell 42% on weaker revenue.

The company said it earned $16.98 million in the period, down from $29.19 million in the second quarter of 2023. Per-share results were not disclosed.

Revenue fell 2.9% to $689.8 million from $710.7 million, a drop the company attributed to a slowing construction market.

"We continue to operate in a market with significant volatility in general activity, and lower average pricing when compared to the comparative period last year. We continued to tightly manage inventory levels and maintain a fairly robust gross margin level during what I would consider a challenging period in the industry," board chair Amar Doman said a release.

Doman shares closed down $0.11 to $6.72 on the Toronto Stock Exchange.