Hardie profits also down 56%

The fibre cement producer announced a profit of $US16.5 million ($A25 million) for the fourth quarter of 2008, which the company said was impacted by further declines in the United States housing market.Hardie said its net operating profit for the quarter, including its asbestos, Australian Securities and Investments Commission expenses, asset impairments and tax adjustments, was US$111.0 million, which was mainly due to the effect of a $US93 million foreign exchange adjustment on its asbestos liability.The company said the exchange adjustments had been favourably affected by the recent depreciation of the Australian dollar against the United States dollar.

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