James Hardie Industries plc
(ASX:JHX) says the housing market is unlikely to improve much this year but maintains the sector has now stabilised after recent interest rate cuts.
Chief executive Louis Gries says the building products maker expects the housing market to be flat to slightly higher.
He says recent interest rate cuts prevented further declines in the housing market.
The comments came as James Hardie’s full year net profit fell significantly due to changes to the company's asbestos liabilities and the effect of a legal battle with the Australian Tax Office.
James Hardie posted a net profit of $43.6 million for fiscal 2013, down about 90 per cent from the previous year.
