News: CSR: Housing activity to hit 15 year low

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CSR Limited (ASX:CSR) has posted an 85 per cent drop in its full year net profit and forecast housing activity will drop to a 15-year low over the next year.

 

In the 12 months to the end of March 2012, the building materials manufacturer’s revenue was down 6 per cent and earnings before interest and tax fell 26 per cent.



CSR expects total housing starts in Australia to drop to about 140,000 in the next financial year, from 148,300 in the last financial year.

CSR says excluding the global financial crisis and the introduction of the GST this represents the lowest level of housing activity in the past 15 years.

A final fully franked dividend of 7 cents per share has been declared, taking the full year pay out to 13 cents.