James Hardie Industries plc (ASX:JHX) has reported an 80 per cent fall in first quarter net profit and forecast a lower full year profit figure.
The construction materials maker has reported net operating profit of $US28.9 million in the three months to the end of June which is an 80 per cent drop on last year’s figure.
The company cited asbestos adjustments of $US 21.5 million as being the main driver of the fall in profit.
Revenue for the period was up 12 per cent compared to the same time last year.
The company expects net sales in Australia to improve in the full year to March 2015 with US operations facing a more moderate pace of growth than previously expected.
James Hardy reported a net profit of $108 million in the six months to the end of March this year.
