Australia's CSR rises after earnings, dividend climb

CSR

04/11/2022 01:01

** Shares of building products manufacturer CSR Ltd  CSR.AX 
rise as much as 8.4% to A$4.91, their best intraday session
since May 12, 2021
    ** CSR says its half-year net profit after tax, before
significant items, grew 27% to A$110 million ($69.16 million)
 urn:newsml:reuters.com:*:nASX3X5tFb
    ** Co announces interim dividend of 16.5 Australian cents
per share, compared with 13.5 Australian cents a year ago 
    ** Performance driven in part by property unit, where EBIT
quadrupled 
    ** Jefferies analysts say outlook commentary was in line
with expectations for momentum of its building products business
    ** Citi analysts say CSR's backlog is stronger than the
market is implying into the stock, but expects the market will
be cautious in re-rating the stock given rising rates and
declining house prices
    ** Stock hits highest level since May 26
    ** Trading volumes near 3 times their 30-day average, with
about 4.5 mln shares traded so far
    ** Stock down 23% YTD, as of last close 
($1 = 1.5906 Australian dollars)
 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))