James Hardie Fiscal Year Net Loss US$347.0 Million; Operating Profit Beats Guidance

Building materials manufacturer James Hardie Industries SE (JHX.AU) Thursday reported a net loss of US$347.0 million for the year ended March 31, a more than fourfold deepening of a loss of US$84.9 million in fiscal 2010, as a result of a non-cash tax liability.

Excluding extraordinary items, net operating profit fell 12% on year to US$116.7 million, a little higher than company guidance of a range of US$105 million to US$115 million and also above analysts' consensus forecast of US$108 million.

Extraordinary items included a non-cash charge of US$345.2 million for a tax liability following unit RCI Pty. Ltd.'s loss on appeal in the Australian Federal Court against a Tax Office assessment relating to fiscal 1999. A tax adjustment of US$32.6 million was also made as a result of an internal organization.

Total revenue for 2010-11 rose 4.5% on year to US$1.17 billion from US1.12 billion. The company won't pay a final dividend.

Chief Executive Louis Gries said operating conditions in the U.S. residential housing market remain challenging and the company is yet to see any substantive evidence that a sustainable recovery has started.

"Additionally, raw material and input costs, particularly pulp, remain high and freight costs are rising," he said in a statement.

With the exception of New Zealand, though, the Asia Pacific businesses have enjoyed relatively robust operating environments and performed strongly, with the Australian operations growing market share and increasing sales of Scyon lightweight cement composites, he said.

-by Ray Brindal, Dow Jones Newswires; 612 62080902; ray.brindal@dowjones.com

James Hardie Industries (ASX:JHX)
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