Building products maker CSR has posted a net profit of $125.5 million for the 12 months to March 31, an increase of 43 per cent.
The company said in a statement that growth in earnings led to a 106% increase in operating cash flows to $230.9 million, and a doubling of the full-year dividend to 20 cents per share.
According to the Business Spectator, the result was also aided by a pre-tax $33m reduction in the company’s asbestos liabilities.
“The hard work over the last few years to improve our customer service and the efficiency of our operations has strengthened CSR’s foundations and positioned us to increase returns as construction markets improve,” CSR Managing Director Rob Sindel said.
“The fundamentals are in place. Our operations across all key businesses are now safer, more energy-efficient and have lower cost structures.
“This includes Viridian where the business has returned to profitability and our turnaround is ahead of schedule.”
As reported in the SMH, on May 1 the brick joint venture between Boral and CSR commenced operation. This followed investigation by the Australian Competition and Consumer Commission which was looking at whether it would reduce competition in the sector.
“The recent commencement of the Boral CSR Bricks joint venture will further improve the competitiveness of the business and enable the release of significant property for development in the years ahead,” said Sindel.