Building products and sugar business CSR Ltd
(ASX:CSR) has reported a full year loss of $111.7 million this morning.
The loss came as a result of a number impairment charges including a reduction in the value of the Viridian glass business, costs associated with the demerger of its sugar business, and a charge to maintain the company’ s product liability provision.
Not including the one-off charges, CSR posted a 29% rise in profit to $173.4 million driven by significantly improved earnings from the Sucrogen business as a result of higher raw sugar prices.
Managing director Jeremy Sutcliff says both Surogen and the company’s building products business, strengthened their competitive positions.
For the year to March 30, 2010, revenue rose 8% to $3.754 billion compared to the year before.
CSR declared a final dividend of 6 cents a share, up from 1.5 cents declared for the year before.
A $375 million equity raising last November helped the company reduce its net debt to $767 million with gearing reduced to 29.7%.
CSR’s net profit after tax for the year to March 30, 2009 was a loss of $326.5 million.
