CSR full-year profit jumps to $125m
CSR's full-year profit has jumped 61 per cent to $125.3 million as its aluminium division benefited from a lower Australian dollar.
The construction materials supplier on Tuesday reported revenue for continuing operations for the year to March 31 declined 5.0 per cent to $2.21 billion and it would not pay a final dividend because of the uncertain economic environment.
To preserve liquidity the company's share buy back has paused after $69 million shares were purchased out of the $100 million share buyback program.
CSR said building products revenue since April 1 was down just 3.0 per cent compared with a year ago but expected COVID-19 would cause a broader slowdown in demand this year.
"However the timing and extent is uncertain," it said.
The company's sites in Australia have been open during the pandemic and its New Zealand operations resumed in late April.
CSR managing director and chief executive Julie Coates said the company was pleased with the performance of its building products division, where revenue dropped 6.0 per cent despite residential building activity falling 21 per cent.
"The increased diversification of our business across product and market sectors positioned us well against this backdrop," Ms Coates said.
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