James Hardie Reports Profit in First Quarter
Better housing conditions in the U. S and Australia have helped the James Hardie profits to rise in the first quarter.
According to Chief Executive, Louis Gries, sale of the building products has increased by 10% in the United States, while in Australia also it has raised by a good 5%. The company announced a profit of $US52 million in the first quarter of this financial year, which is 19% more than the profit in the same period of last financial year.
"Our first quarter results reflect improved sales volumes and average net sales prices when compared to the previous corresponding quarter for both our USA, Europe and Asia Pacific Fibre Cement segments," said Louis Gries.
However, the company also announced that market is not stable yet and some input costs are still unpredictable. The company is expecting the total earnings of the current year to be between $US165 million and $US194 million. This expectation is after excluding the asset impairments, asbestos and legal items and tax adjustments.
Main source of the earnings for the company has been the housing projects in the U. S only. The announcement of profits in the quarter ended on June 30, has helped the shares of the company to gain by 2.1% at $9.47.
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