It was a skinnier CSR that reported its full year profit yesterday.
Shorn of its sugar business, it’s now a building products group, although parts of that sector aren’t too flash at the moment.
CSR said on Wednesday it had performed well despite the slump in construction to report a full year net profit from continuing operations of $90.2 million.
Full year net profit would be $503.4 million if the sale of its 155-year-old sugar business in December to a Singapore company was included.
This followed a $111.7 million loss the in the year to March 2010.
The shares rose 5c, or 1.7%, to $2.95 at the close.
CSR said the reported amount includes the profit on sales and part-year earnings of the Sucrogen Sugar) and Asian insulation businesses which were sold in December 2010.
"The reported profit also includes the impact of asset write downs in the Building Products business and other one-off significant items which amounted to $168.2 million after tax," the company said revealing another hit to asset values in its remaining businesses.
The Board has resolved to pay a final dividend of 5.3c per share, fully-franked to be paid on 5 July 2011.
"Despite the impacts of significant wet weather in the last quarter and the sudden termination of the insulation rebate scheme, Building Products earnings (including Viridian) of $107.4 million were 3 per cent higher than last year ($104.6m) and in line with guidance provided at the half year result," the company said.
"Earnings continued to improve across all Building Products businesses with the exception of the insulation business where the prior year’s result included a significant contribution from the insulation rebate scheme. Building Products EBIT (including Viridian, ex insulation) increased by 28 per cent.
"Aluminium EBIT of $111.9 million was 9 per cent lower than last year ($123.5m) but above market guidance as a result of an increase in the US$ metal price after hedging towards the end of the financial year.
"Despite the Queensland floods, which delayed the completion of a property sale at Brendale, Property EBIT of $14.6 million was 14 per cent higher than the previous year ($12.8m).
“The sale is expected to be completed in the first half of this financial year," the company said.
Chief executive Rob Sindel said that the company had returned to profitability and, with $140 million in cash at hand, was well placed for a cyclical upswing in construction.
The $168.2 million of writedowns included a $121 million writedown on the value of its Viridian glass business and more than $23 million when the federal home insulation scheme was stopped.
