Building products company James Hardie Industries SE (JHX.AU) Tuesday reported a sharp drop in net profit in its fiscal first quarter ended June 30 to US$1.0 million from US$104.9 million in the year-earlier period and soft conditions in its two major residential housing markets of the U.S. and Australia.

However, excluding currency and asbestos related liabilities, regulatory expenses and tax adjustments, operating profit in the latest period of US$39.4 million fell 2.7% on year from US$40.5 million. This result was slightly below an estimate by UBS of US$41.2 million.

Sales in the latest quarter were US$313.6 million, down 1.5% on year from US$318.4 million.

Chief Executive Louis Gries described operating profit as solid considering the difficult operating environments.

"In the U.S., new housing and repair and remodel sectors remain weak with high unemployment, low levels of consumer confidence, falling house values, excess housing inventory and limited credit availability, all still inhibiting growth," he said in a statement. "There is no evidence of a sustainable recovery in the U.S. construction market."

In Australia, industry data indicate that new housing and repair and remodel markets will be weaker in the current fiscal year, he said.

-By Ray Brindal, Dow Jones Newswires; 612 62080902; ray.brindal@dowjones.com

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