CSR +4.67%: Reported first half net profit today of $156.6m which was up from $58.7m this time last year while their interim dividend of 13.5c reflected that strong growth. They talked to strong demand for building products with earnings before interest & tax (EBIT) up 25% while their Aluminium division was also strong thanks to higher spot prices and better hedging outcomes, and they’ve used this recent strength to better set their hedging book to provide more certainty around future earnings. All in all, a solid update from CSR and we remain positive on the stock.
MM remains bullish & long CSR targeting ~$7
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