CSR yearly loss made worse by Viridian

CSR has posted a net loss of $146.9 million for the year to March, with a poor result in its Viridian glass division, but is optimistic about the future.

The company is predicting that the weak housing market will pick up in the year, citing factors such as the biggest increase in home loan approvals in four years, low interest rates, and a population increase of nearly 400,000 last year.

"We are slightly more confident than our competitors," said CEO Rob Sindel in comments reported by AAP.

The company said that the benefits of the restructuring of Viridian, announced in March, blamed on high energy costs and the high Australian dollar and amounting to 150 job losses, would not be seen until 2014-2015. Viridian lost $38.8 million in the yearly results, double the loss made the year before.

CSR’s building materials division made a profit before tax of $77.4 million, down 11 per cent.

http://www.smh.com.au/business/glass-puts-cracks-in-csrs-profit-20130515-2jm3v.html