James Hardie Industries has almost tripled its annual profit to $US291 million ($A369.57 million) due to improvements in its US and European operations.
The construction materials maker significant earnings growth was achieved in its main businesses due to higher sales and margins, and that is expected to continue.
Sales in Australia are also expected to grow, in line with increasing housing construction and renovation activity.
Sales growth in Australia, Europe and the US has helped James Hardie boost its annual profit to $US291 million ($A369.57 million).
The value of sales of the company’s construction materials rose 11 per cent in the year to March 31, driven by stronger housing construction activity in the US and Australia.
A weaker Australian dollar, and the beneficial impact that has on James Hardie’s asbestos liabilities, was also a major contributor to the company’s profit growth.
Its net profit was almost triple the $US99.5 million made in the previous year.
James Hardie said it expects modest growth in the US housing market in the year ahead, while sales in Australia are also expected to rise in line with increasing housing construction and renovation activity.