CSR shares are being crushed

Photo: Justin Sullivan/ Getty Images

Shares in CSR fell hard after the building products group released its half year results.

A short time ago, they were down 6.1% to $4.45.

Net profit for the half year to September was up 4% to $118.7 million.

“The detached housing market in Australia, which accounts for almost 50% of CSR’s Building Products’ revenue, remains stable, underpinned by record low interest rates and steady population growth,” says CSR Managing Director Rob Sindel.

He says the high-rise apartment market, which represents 12% of revenue, has slowed over the last year, but the pipeline of projects underway will support demand for CSR’s products.

CSR expects that net profit after tax before significant items for 2018 will be within the range of analysts’ forecasts of $187 million to $223 million.

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