CSR expects the housing boom to keep deliverying better profits

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CSR posted a 13% rise in full year net profit to $142.3 million, its best result since 2010 as the housing boom keeps delivering for the building products group.

Underlying earnings, before significant items, were $166 million. Revenue was up 14% to $2.298 billion, with record building products earnings of $169.1 million, up 40%.

The result for the year to March included the consolidated earnings of the PGH Bricks, 60% owned by CSR, which started in May 2015.

“Supported by solid underlying activity, building products earnings have grown consistently over the past few years as we strengthened existing businesses and diversified into new product categories and market segments,” says managing director Rob Sindel.

CSR’s has net cash of $73.1 million, underpinning a the share buyback of up to $150 million launched in March.

The company, whose brands include the plaster panels Gyprock, says record levels of residential construction will support demand for building products in the year ahead.

“The pipeline of residential construction activity continues to rise,” the company says. Total commencements for the 12 months to December were 221,000 compared to 192,000 dwellings the year before.

CSR is paying a full year dividend of 23.5 cents a share, up 18%.

The results in detail:

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