Fibre cement building products manufacturer, James Hardie Industries SE
(ASX:JHX), has reported a loss for fiscal 2010 and did not declare a dividend.
For the 12 months to March 31, 2010, the company booked a loss of US$84.9 million compared to a profit of US$136.3 million the year before.
For the March quarter, net operating profit, including asbestos, ASIC expenses and tax adjustments, was a loss of US$2.3 million.
The result includes unfavourable asbestos adjustments of US$24.2 million for the fourth quarter and US$224.2 million for the year, primarily due to the appreciation of the Aussie dollar against the US dollar.
Sales for the quarter rose 14% to US$274.9 million but dropped 6% to US$1.124 billion for the year.
James Hardie says US sales volume rose in the quarter compared to last year for the first time in four years, suggesting the bottom of the downturn may have been reached.
Looking ahead the company says despite higher costs, it expects to deliver good financial returns in current market conditions, and at the same time increase spending on long-term product and market initiatives.
James Hardie Industries did not pay a dividend to shareholders in fiscal 2009.
