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James Hardie Industries plc (ASX:JHX) has reported a fall in its first half profit despite a strong improvement in the second quarter.
The building materials manufacturer’s net operating profit dropped 20 per cent to $US156.1million in the six months to the end of September.
In the three months to the end of September the company’s net operating profit soared 145 per cent to $US127.2 million on the back of higher volumes and average net sales prices.
James Hardie says the operating environment in both the US and Australia has improved but the US housing market recovery remains below expectations.
The company has affirmed its annual earnings guidance, provided US housing industry conditions continue to improve and currency exchange rates remain similar to current levels.
An interim dividend of $US0.08 per share has been declared.
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