The plasterboard and wall cladding group ditched plans for a new $400 million factory in outer Melbourne even though profits jumped in Australasia.
The rising cost of building supplies is negatively impacting construction groupslifted prices by 12 per cent in Australasia in the June quarter, pushing profit margins in the region to an all-time high even though its sales volumes slipped.
The company, which makes plasterboard and wall cladding products, also announced it would scrap plans to build a $400 million factory at Truganina on Melbourne’s outskirts as it reassesses capital spending priorities in uncertain economic times. James Hardie said average net sales prices in the Asia-Pacific region were up 12 per cent in the June quarter compared with a year ago, while volumes were 8 per cent lower.Jason Miele, James Hardie’s chief financial officer, said the strong earnings margin in the Asia-Pacific region was unlikely to be repeated over the rest of the year, describing it as a “high point”. The company’s overall net profit for the three months ended June 30 fell 3 per cent to $US157.
James Hardie said that in North America, which made up 73 per cent of sales, the total addressable market for its products would drop by between 5 per cent and 18 per cent in calendar 2023, compared with 2022.after Jack Truong, the company’s former chief executive, was dumped
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