Building products company James Hardie Industries N.V.
(ASX:JHX) has reported a loss for the first quarter due to weakness in housing construction in the U.S. and general economic conditions.
Net loss for the three months to June 30 of US$77.9 million compared to a profit of US$1.4 million for the same period a year ago.
The company says the result included asbestos liabilities, ASIC expenses and tax adjustments.
Excluding these the company posted a net operating profit of US$41.6 million.
CEO Louis Gries says that while the U.S. residential construction market appears to be nearing the bottom, it remains too early to ascertain the timing, rate or extent of any potential recovery.
James Hardie says it expects full year earnings ending March 30 2010 excluding asbestos, ASIC expenses and costs of relocating its head office, to be at the top end of analysts forecasts of between US$39 million to US$67 million.
James Hardie Industries posted a profit in 2009 after a loss the year before.
