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CSR grows FY10 profit 12.75%

CSR grows FY10 profit 12.75%

Building materials company CSR Limited (ASX:CSR) has reported a 12.75% increase in profit from continuing operations for the year ending in March.

Profit from continuing operations was $90.2 million. The company also recorded an overall net profit of $503.4 million when accounting for the sale of its Sucrogen and Asian insulation businesses. This compares to an FY10 loss of $111.7 million.

But profit was impacted by $168.2 million worth of asset write-downs in the building products division and other one-off items.

Earnings from building products grew 3% to $107.4 million despite the impacts of wet weather in the last quarter.

And while pre-tax earnings from aluminium fell 9% to $111.9 million as a result of the increase in the US dollar metal price, CSR said this decline was above market guidance.

CSR managing director Rob Sindel said he was pleased with CSR's performance “in a challenging year which also included the complex and company-transforming sale of Sucrogen.”

The company said expects Australian housing, commercial and industrial project starts to be relatively flat in the short term, but for residential projects to pick up in the longer-term due to a housing shortfall.

CSR shares grew 1.72% in Wednesday's trading to $2.950.

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Tags buildingCSRASX:CSRfinancial results

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