News: JHX UPDATE 1-Australia’s James Hardie FY profit slumps on asbestos claim settlements

(Adds background, details on asbestos adjustments)

May 22 (Reuters) - James Hardie Industries PLC (JHX) , the world’s top fiber cement building materials maker, said on Tuesday that net profit in the full-year fell 47.2 percent, hurt by higher asbestos claim settlement costs.

Net profit for the year ended March 31 came in at $146.1 million, compared with $276.5 million a year ago. That fell short of the $278.31 million mean estimate of ten analysts polled by Thomson Reuters I/B/E/S.

"Asbestos adjustments for the quarter and full year primarily reflects the unfavorable movement in the actuarial adjustment of US$195.8 million recorded at year end," James Hardie said in a statement.

However, net sales grew about 7 percent to $2.05 billion from $1.92 billion a year ago, helped by strong volume sales in the North American fiber cement business, with new U.S. single-family homes sales in the Western part of the United States surging to their highest level in more than 11 years in March.

James Hardie said U.S. unit sales prices grew 5 percent over the course of the year.

The firm said it expects its key North America fiber cement segment's earnings before interest and tax margin for fiscal year 2019 to be in the top end of the 20 percent to 25 percent target range provided by it.

The firm, which has a manufacturing presence in the United States, Australia, New Zealand and the Philippines, completed the purchase of the German holding company of fiber gypsum board maker Fermacell GmbH from Xella International SA in April. The deal, worth 473 million euros ($557.81 million), was seen as a move by the company to diversify both its geographic exposure and product mix.

The firm declared a second half ordinary dividend of 30 U.S. cents per security. ($1 = 0.8480 euros)

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