Building products supplier James Hardie Industries NV
(ASX:JHX) has posted a first half net loss of US$97.5 million compared to a profit of US$154.9 million in the same period last year.
Net sales for the six months to September 30 fell 17 per cent to US$588.7 million from US$706.9 million.
However the company posted a net operating profit, excluding asbestos, ASIC expenses and tax adjustments, of US$37.6 million for the September quarter, up 4 per cent on the same quarter last year.
CEO Louis Gries says the US residential construction market remains at near historical low levels.
Mr Gries says as with the first quarter of fiscal 2010, earnings benefitted from lower input and freight costs, improved plant performance and a higher average net sales price when compared with the corresponding period in fiscal 2009.
James Hardie says it expects to report full year earnings excluding asbestos, ASIC expenses and costs of redomicile to be at the top end of current analysts forecasts of between US$77 million and US$115 million.
James Hardie posted a profit of US$136.3 million in 2009 after a loss the year before.
