Major profit jump for CSR
Construction materials supplier, CSR recently reported a 61 per cent jump in full-year profit to $125.3 million as its aluminium division benefited from a lower Australian dollar.
The construction materials supplier reported revenue, for continuing operations for the year to March 31, declined five per cent to $2.21 billion and it would not pay a final dividend because of the uncertain economic environment, according to a news.com.au report.
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, according to the news.com.au report.
CSR reported the building product’s revenue, since April 1, was down just three per cent compared with a year ago but expected COVID-19 would cause a broader slowdown in demand this year.
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.