Australia's CSR falls as Aluminium business seen making loss due to higher costs

CSR

10/05/2023 02:24

** Shares of building products maker CSR Ltd  CSR.AX  slip
as much as 4.4% to A$5.23, their biggest intraday drop since
March 16
    ** Co forecasts a loss in the range of A$5 mln ($3.39 mln)
to A$15 mln in its Aluminium segment for FY24, which is expected
to return to profit in FY25
    ** Co posts decline in FY statutory net profit after tax of
A$219 mln vs A$271 mln last year
    ** Jefferies says absence of any meaningful commentary on
construction cycle outlook "a little concerning"
    ** Co says outlook challenging due to inflation, cost
volatility and unpredictability in energy and raw materials 
    ** Outlook for H2 2024 arguably more important to ongoing
share price performance - Jefferies
    ** Shares hit lowest since April 28
    ** CSR stock up 16% this year, as of last close

    ($1 = 1.4663 Australian dollars)



 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.Mishra@thomsonreuters.com))