James Hardie first-qtr net profit up 5pc to $US36.3m 09:36,...

James Hardie first-qtr net profit up 5pc to $US36.3m
09:36, Tuesday, 10 August 2004

Sydney - Tuesday - August 10: (RWE) - James Hardie Industries NV
increased net profit 5 per cent to $US36.3 million in the first quarter
ended June 30.
Net sales were up 27 per cent to $306.1 million.
Operating profit from continuing operations rose 13 per cent to
$37.1 million.
EBIT increased 21 per cent to $58.3 million.
Directors said the USA fibre cement business continued to grow
strongly, lifting net sales 29 per cent and EBIT 17 per cent.
Australia and New Zealand fibre cement increased net sales 18
per cent and EBIT 31 per cent while the Philippines recorded another
small positive EBIT for the quarter.
Diluted earnings per share from continuing operations increased
14 per cent for the quarter, from US7.1c to US8.1c.
CEO Mr Peter Macdonald said: "The first-quarter results
represent a strong start to the year, and prospects for the balance of
the year are encouraging.
"In our North American business, highlights included strong
top-line growth and margin expansion despite increased costs.
"Our growth rates in North America continued to accelerate and
we again significantly outpaced the rate of housing construction growth.
"We expect to continue taking market share in both our emerging
and established markets and in our exterior and interior product
categories.
"The outlook for housing construction in North America remains
positive.
"Our Asia-Pacific businesses in Australia, New Zealand and the
Philippines all delivered a stronger operating performance for the
quarter."
The directors believed the strong growth momentum evident in the
first quarter would continue during the second quarter and that
prospects for growth over the full year remained encouraging.
They were comfortable the company's operating profit from
continuing operations for the 2005 year would fall within the range of
analyst estimates of between $US135 million and $US169 million.
James Hardie CHESS Depositary Interests fell 11c to $5.28
yesterday.