CSR swings to FY profit

Building products group eyes increased demand as building approvals grow.

CSR (CSR) said it expects increased demand for its products over the next few years as building approvals continue to grow strongly, after swinging to profit in the year ended March 31.

Full-year statutory net profit after tax attributable to shareholders was $88.1 million, compared with a restated net loss of $150m in 2013.

Revenue rose by 4% to $1.747 billion in the year, compared with $1.682bn in the prior year.

CSR will pay a final dividend of 5c per share, unfranked, on July 8 to shareholders on the record on June 5.

The building products group said it also expects to benefit from expansion into new markets through recent acquisitions.

In its property arm, a solid pipeline of transactions is currently under negotiation, CSR said.

CSR managing director Rob Sindel said the significant restructure of the past few years boosted the group's performance.

"We have also made progress on our strategy to deliver faster and less complex building solutions for multi-residential projects with the recent acquisition of the AFS Group," Mr Sindel said.

"We are well positioned to take advantage of the construction market's expected growth over the next few years."

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