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CSR Ltd (ASX:CSR) has moved back into the black, posting a net profit of $18.4 million in the six months to September, compared with a $233 million loss the same time last year.
The building products maker says its 2010 profit before significant items lifted further, as its 2009 loss was impacted by one-off charges of around $252 million.
A fully franked interim dividend of 3 cents a share has been declared, up from 2.5 cents last year.
CSR says that while housing starts improved over the year, new home lending, building approvals and new home sales point to a moderation in residential construction activity.
However CSR does expect improved earnings for each of its Building Products business units, for the year ending on 31 March 2011, with Bradford Insulation being the exception because of the termination of the ceiling insulation rebate scheme.
In July CSR sold its sugar and renewable energy business, Sucrogen, to Singapore based Wilmar International for $1.5 billion, with the deal expected to be settled by the end of this year.
CSR booked a loss of $75.3 million in the year to 31 March 2010.
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