CSR (ASX:CSR) reports an increase in profit & revenue

CSR (ASX:CSR) reported a rise in revenue and profit for the year ending March 31, driven by growth in building products and improved aluminium pricing.

The industrial company’s trading revenue of $2.3 billion rose 9 per cent from the prior year. Its statutory net profit after tax including significant items rose 85 per cent, while profit after tax before significant items rose 20 per cent.

CSR’s building products business reported revenue of $1.6 billion, up 5 per cent thanks to strong operational execution and high demand. Its aluminium business recorded earnings before interest and taxes of $40 million, up from $234 million thanks to higher aluminum pricing partly offset by higher production costs.

Meanwhile, its property business reported earnings before interest and taxes of $47 million, down from $54 million.

Under the outlook for 2023, CSR said the strong pipeline of detached housing projects is expected to continue in the year ahead as completion times lengthen with supply chain and trade capacity impacting the broader industry.

“The organisational change we have made streamlining the business over the last 18 months along with the initiatives aligned to our supply chain strategy have supported our ability to deliver for CSR’s customers against a challenging backdrop,” said chief executive officer Julie Coates.

CSR will pay a final fully franked dividend of 18 cents per share, which brings its full year dividend to 31.5 cents per share.

Shares in CSR (ASX:CSR) are trading 1.9 per cent higher at $5.80.