Australia: Fibre cement producer James Hardie Industries said on 22 May 2014 that it expects the US housing construction market to improve in 2014 as it posted a more than doubling in annual net profit. "The company continues to expect improvement in the US operating environment," said James Hardie.
James Hardie, which generates two-thirds of its revenue in Europe and the US, said that its annual net sales in those markets grew by 19%, helped by strong rises in US single-family building permits. James Hardie posted a net profit of US$99.5m for the year to 31 March 2014, up from US$45.5m in the previous year. Net operating profit, which excludes charges for asbestos liability, asset impairments and regulatory charges, was US$197.2m compared with US$140.8m in the prior year. Overall net sales grew by 13% to US$1.49bn.
James Hardie has been compensating Australian victims of asbestos-related illnesses such as mesothelioma and said that its asbestos liability grew by US$186.18m to US$1.44bn by 31 March 2014, after the number of claims were higher than expected for a second consecutive year.
