Building products group James Hardie has trimmed its earnings forecast for the year, saying conditions in the housing market remain uncertain. The group posted an operating profit of $US31.5 million in the quarter to December 31, from a loss of $US4.8 million a year earlier.
Buyers are finally returning to the new housing market after an extended slowdown, leaving property developer AV Jennings cautiously optimistic. AV Jennings reported a net loss of $19.1 million for the six months to December 31, compared with a profit of $3.3 million in the previous corresponding period.
TV ad hopes
Regional broadcaster Prime Media Group hopes the federal election campaign will breathe life into a challenging TV advertising market. While conditions were difficult, chief executive Ian Audsley said the poll should give the market a boost. Prime, a Seven Network affiliate, reported net profit of $44.6 million for the six months to December 31, down 71.4 per cent.
Winemaker Australian Vintage says the high value of the dollar is making it hard to grow profitably in Britain. The winemaker booked a net profit of $3.3 million for the six months ended December 31, down from $3.7 million.