CSR posts FY earnings lift, cuts dividend on proposed buyout
Make us a preferred source
Make us a preferred source on Google
The news: Construction products group CSR recorded an earnings lift for the financial year ending 31 March, but did not declare a final dividend due to its proposed acquisition by French multinational Compagnie de Saint-Gobain.
The numbers: CSR reported net profit after tax of $240 million, up 7% on the prior year. EBIT gained 1% year on year, rising to $332 million for FY24, boosted by an 8% rise in its core building products segment. Trading revenue remained flat at $2.6 billion.
Elsewhere, EBIT from the company's property portfolio gained 26% to $91 million, after settling sales of parts of the former brickworks site at Horsley Park in western Sydney.
CSR's aluminium business saw an EBIT loss of $29 million due to higher energy and coal pass-through costs. However, the company noted that easing input cost pressures over the year saw a first-half loss of $24 million reduce to a $5 million loss in the second half, and a profit in the month of March 2024.
The context: CSR said its core building products business delivered record earnings, driven by pricing and cost discipline. It noted that incremental investments in manufacturing are improving the group's productivity and efficiency, while its supply chain investment across transport management and integrated business planning underpinned the result.
The source: ASX announcement
