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DJ CSR CEO Says No Plans To Sell Viridian Glass Business

Post Time:Nov 12,2009Classify:Company NewsView:494

 CSR Ltd. (CSR.AU) Managing Director Jerry Maycock said Monday the company had no plans to sell its Viridian glass unit after writing down its carrying value by A$250 million in its first fiscal half.

CSR earlier Monday reported a net loss in the six months ended Sept. 30 of A$155.6 million, compared with a net profit of A$32.9 million a year earlier, because of the writedown on its glass business and reduced earnings from its building products unit. 

The company wrote down the value of Viridian on its recent performance and after a review of forecasts, particularly with the Australian dollar currently trading above 90 U.S. cents and the commercial building market having been soft for a number of years, Maycock told a conference call after CSR announced a A$375 million equity-raising in preparation for a spin-off of its sugar and renewable energy units.

Source: Tradingmarkets.com Author: shangyi

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