May 21, 2018 / 10:44 PM / a month ago

Australia’s James Hardie FY profit slumps on asbestos claim settlements

May 22 (Reuters) - James Hardie Industries PLC, the world’s top fiber cement building materials maker, said on Tuesday that net profit in the full-year fell 47.2 percent, hurt by higher asbestos claim settlement costs.

Net profit for the year ended March 31 came in at $146.1 million, compared with $276.5 million a year ago. That fell short of the $278.31 million mean estimate of ten analysts polled by Thomson Reuters I/B/E/S.

The firm declared a second half ordinary dividend of 30 U.S. cents per security.

Reporting by Aaron Saldanha in Bengaluru Editing by Chris Reese

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