AUS: Sugar business boosts CSR earnings

By: just-food.com | 12 May 2010

Australian conglomerate CSR Ltd saw its profits boosted by improved earnings in its sugar business for the full-year.

The sugar and building materials conglomerate reported a 29% rise in underlying full-year profit today (12 May) to A$173.4m (US$155.4m), while pursuing two options for splitting its business.

The firm is currently in talks over the future of its Sucrogen sugar and renewable energy business after a revised bid from Chinese suitor Bright Food, while also moving ahead with plans to demerge the business.

For the period ended 31 March, CSR narrowed its net loss after significant items to A$111.7m from a net loss of A$326.5m in the prior year.

The firm incurred an impairment charge, demerger related expenses and a charge to maintain product liability provision of $300.2m (pre tax) for the period.

CSR declined to give an earnings forecast for its Sucrogen business, given the current market conditions. It expects to give “directional guidance” at its AGM on 8 July.