RPT-James Hardie sees FY profits in middle of forecast range

Wed Nov 14, 2012 6:32pm EST

WELLINGTON Nov 15 (Reuters) - Australian building materials maker James Hardie Industries Ltd on Thursday said it expected its full-year earnings to come in at the middle of its forecast range, at it saw some signs of a recovery in the global housing market.

"We think we'll be looking more like flat, than right at the bottom of the range we gave you," James Hardie Chief Executive Officer Louis Gries told reporters, after the company announced a fall in profits for the second quarter and half year.

The company said it expects profits excluding asbestos and tax adjustments to come in at $140 million to $150 million for the year ending in March, down from a previously stated range of $140 million-$160 million.

Its share price fell around 6.5 percent in early trade.

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