CSR Limited (ASX:CSR)
has rebounded to an annual profit on the back of stronger property division earnings and strength in its building materials division.
The building products group has swung to a net profit of $88.1 million in the year to the end of March 2014 from a net loss of $150 million recorded the year before.
Managing Director Rob Sindel says the company’s result was aided by significant restructuring initiatives completed over the past few years.
CSR reports its building products earnings rose 20 per cent, the turnaround of Viridian is on track and the company’s property contribution returned to more traditional levels.
Looking ahead the company believes strong housing starts will support increased demand for CSR’s products in addition to its expansion into new markets through recent acquisitions.
A final unfranked dividend of 5 cents per share has been declared.