Building materials producer James Hardie Industries Ltd
(ASX:JHX) has reported a 66% soar in profit for the three months to December 31, despite the downturn in the US housing market.
The company posted a net operating profit of US$29.8 million, excluding asbestos, ASIC expenses and tax adjustments for the third quarter.
For the nine months to December 31, profit rose 18% to US$109.3 million, boosted by lower input and freight costs and improved plant performance. Year-to-date, including asbestos costs, the company recorded a loss of US$82.6 million.
CEO Louis Gries says there are signs the US residential sector will improve in 2010, but challenges remain, such as tougher lending criteria for mortgages and a weak US employment market.
James Hardie posted a profit of $198.31 million for the year to March 30, 2009.
