Aug 23 (Reuters) - Australian cement products maker Boral Ltd posted a slump in annual profit on Tuesday, underscoring a pattern of large manufacturers grappling with spiralling costs due to months of intense rainfall and energy market disruption.

Underlying profit for the Sydney-listed manufacturer fell by a third in the year to June, hit by spikes in energy and haulage costs while construction shutdowns caused by the rainiest start to a year on record in eastern Australia delayed projects.

The company had warned in May that profit would come in about A$45 million below an earlier forecast of A$145 million to A$155 million. The reported result, A$107 million ($73.7 million), was within that range.

The company withheld profit guidance in its announcement, saying only that it expected revenue to be higher in fiscal 2023 as it brought forward annual price increases and added new freight charges for customers.

A strategic review aimed at improving earnings had fallen short and "considering the heightened inflationary environment, the company has shifted its focus to deliver improved earnings through a combination of pricing actions and performance improvement initiatives", it said in a statement.

The update shows how surging gas and oil prices, linked to Russia's invasion of Ukraine since February, are squeezing the profit margins of Australia's biggest building materials producers which already face uncertain demand due to a housing slowdown.

A day earlier, Australia's biggest lime cement maker Adbri Ltd blamed higher materials, haulage and fuel costs for a profit decline of one-sixth in the June half. Construction sheeting giant James Hardie gave a profit downgrade - after four upgrades the year before - citing increased freight, pulp, gas and labour costs.

Still, Boral shares rose 2.5%, against a 0.5% decline on the broader market, as analysts noted that Boral met its guidance and appeared to be taking steps to maintain profit margins, such as jacking up prices.

"We expect Boral to benefit from out-of-cycle national price increases to offset higher energy and other input costs," Saranga Ranasinghe, vice president, Moody's Investors Service, said in a statement.

Credit Suisse analysts said the result was "neutral", with the company's commentary "in line or slightly below our current assumptions ... offset by better price versus cost".

Citi analysts questioned the lack of profit outlook, saying that "guiding to revenue as opposed to profit (implies) some uncertainty in cost and one-off recovery". ($1 = 1.4512 Australian dollars) (Reporting by Harshita Swaminathan; Editing by Subhranshu Sahu and Jacqueline Wong)