Profit falls by 47pc

JAMES Hardie’s full-year profit has fallen 47 per cent to $US146.1 million ($A192.6 million), primarily driven by asbestos adjustments, acquisition costs and debt.

Net sales for the year to March 31, however, grew seven per cent to $US2.1 billion, thanks to higher sales prices and volumes in the company’s North America Fiber Cement division, as well as stronger sales volumes in the International Fiber Cement business.

It said sales from its Australian business are expected to trend in line with the average growth of the housing market.