profit down 50%

CSR net profit down 50pc to $115m; interim dividend 6c
09:34, Tuesday, 8 November 2005

Sydney - Tuesday - November 8: (RWE Australian Business News) -
CSR Ltd (ASX code: CSR) net profit fell 50.4 per cent to $114.6 million
in the six months ended September 30 from $231.1 million for the first
half of last year.
Net profit excluding significant items was down 14.9 per cent to
$114.6 million from $134.6 million.
There were no significant items during the latest half-year,
compared with a $96.5 million significant profit (adjusted for A-IFRS) a
year earlier.
As foreshadowed, profit was been affected by unseasonable wet
weather in August, which shifted a significant portion of sugar milling
earnings from the first half into the second half of the financial year
ending March 31 2006.
Revenues rose 8.5 per cent to $1.39 billion from $1.28 billion.
This included $245.1 million of trading revenue from refined
sugar joint ventures.
Full consolidation commenced on October 1 2004 and therefore
this revenue was not included in the previous half-year.
Earnings per share before significant items fell 14.3 per cent
to 12.6c from 14.7c.
Interim dividend is a steady, fully franked 6c, payable on
December 9 to shareholders registered November 18.
Building Products results were in line with last year as
operational performance improvements reduced the impact of a significant
slowdown in the residential building market.
Aluminium profits were down as a result of lower hedged metal
prices but this was more than offset by a strong improvement in Property
profits.

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"CSR's results for the half-year have been significantly
impacted by the delays in sugar milling returns as a result of wet
weather," managing director and CEO Mr Alec Brennan said.
"This is a timing issue and we expect CSR's full-year result to
be about 10 per cent ahead of last year [EBIT, excluding significant
items]," he said.
"CSR's diversified operations have mitigated the impact of the
lower sugar milling returns.
"The result for Building Products is particularly pleasing given
the 9 per cent decline in housing approvals during 2005, and reflects
the real progress being made in our operational improvement programs.
"Aluminium is performing within expectations and Property will
benefit from growing demand for industrial land at CSR's site at Erskine
Park in western Sydney.
"In the last six months, CSR has returned $249 million to
shareholders by way of dividends, a share buyback and a capital return.
"We also utilised the company's strong balance sheet to pursue
over $100 million in growth initiatives.
"We see continuing opportunities to grow while improving the
long-term operations of our businesses," Mr Brennan said.
Shares in CSR rose 2c to $2.90 yesterday.