Glass subsidiary a real pain for CSR: Viridian

SUGAR and building products company CSR yesterday reported a net annual loss of $111.7 million as its poorly performing Viridian glass business continued to drag earnings down.

The result, while a 66 per cent improvement on the previous year's $326.5m loss, was due to a significant item of $285.1m, including $250m in the Viridian business, $30m in costs associated with CSR's demerger plans and a $17m adjustment to its asbestos liabilities.But six weeks into his job as interim chief executive, Jeremy Sutcliffe said CSR was in "pretty good shape".Excluding the one-offs, CSR delivered a 29 per cent improvement in net profit to $173.4m -- up from $134m the previous year.He said the company was on track on its "demerger mark two" plans to spin off its sugar business from the building products and aluminium operations, subject to shareholder and court approval.

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600450 Glass subsidiary a real pain for CSR: Viridian
Date: 17 May 2010

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