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| James Hardie profit up 6% to US$222.2m The building products company James Hardie announced a US$222.2 million net operating profit, excluding asbestos adjustments and related tax benefit, for the full year ended 31 March 2007, an increase of 6% compared to the prior full year. The fourth quarter net operating profit, excluding asbestos adjustments and related tax benefit, fell 16% compared to the same period last year, from US$64.7 million to US$54.4 million. Including these asbestos adjustments for both fiscal years, net operating profit for the year was US$151.7 million compared to a net operating loss of US$506.7 million in fiscal year 2006. For the fourth quarter, net operating profit including these asbestos adjustments was US$103.1 million compared to a net operating loss of US$650.9 million for the same quarter last year, when the company established an initial provision of US$715.6 million in respect of likely asbestos compensation payments in Australia. Despite residential housing construction activity in the company's main markets continuing to weaken, fourth quarter EBIT excluding asbestos adjustments increased 33%, up from US$53.0 million to US$70.5 million. Net sales and gross profit were down 7% and 4%, respectively, to US$360.9 million and US$133.8 million, respectively. For the full year, net sales and gross profit were each up by 4%, to US$1, 542.9 million and US$573.0 million, respectively. EBIT excluding asbestos adjustments increased by 14% to US$318.9 million compared to US$280.7 million for the prior year. Diluted earnings per share for the quarter increased to US22.0 cents per share in the fourth quarter from a loss per share of US$1.41 in the same period last year. Diluted earnings per share for fiscal year 2007 increased to US32.5 cents per share from a loss per share of US$1.10 for fiscal year 2006. write your comments about the article :: © 2007 Construction News :: home page |