SYDNEY, Feb. 3 (Xinhua) -- ASX listed Australian industrial giant, James Hardie Industries, has posted disappointing results on Friday, with profits down over the second half of 2016.
James Hardie posted a net profit of 194 million (U.S. dollars) over the past nine months, down 5 percent on the corresponding period last year.
The industrial giant's Earnings Before Interest and Tax (EBIT) was 277 million (U.S. dollars) over the same period, which also was down on the prior corresponding period by 4 percent.
The currently is currently sitting on a cash balance of 88.1 million (U.S. dollars), while their net debt position is 410.9 million (U.S. dollars), as of the end of the third quarter of the financial year.
It wasn't all bad news for the industry powerhouse, with earnings surging 10 percent over the nine months period, up to 1.427 billion (U.S. dollars).
James Hardie chief executive officer, Louis Gries, blamed the lower profits on startup and organisational costs, as well as increases made to the company's network capacity.
Gries surmised that the company has some room for improvement, but is in a strong position overall.
"Our group results for the nine months reflected strong top line growth and strong cash generation, yet weaker than anticipated bottom line growth when compared to the prior corresponding period." Gries said.
On the back of the results, the company has lowered its full-year guidance estimates, with net profit now expected to be in the range of 245 to 255 million (U.S. dollars), down from the previously expected 250 to 270 million (U.S. dollars).