Announcing a rise in annual profits yesterday, CSR presented as optimistic in the face of battling weak residential and commercial construction markets.
The company yesterday told national news outlets that it believes a rise in skilled migration to meet the needs of the resources boom will help lift demand for housing in the medium term.
"We believe the underlying fundamentals are very strong; if you look at population growth, if you look at immigration then we see underlying demand for housing at about 160,000 a year, which is a good position for us at the bottom of the cycle," CSR chief Rob Sindel said, the Australian newspaper reported earlier today.
Sindel predicts 150,000 housing starts in 2012 as weak consumer confidence and fears of higher interest rates deter buyers.
Sydney-based CSR yesterday reported a 13 per cent rise in net profit for the year to the end of March.
Its profit was bolstered by the sale of the Sucrogen business last December, which more than accounted for losses from its Viridian glass business.
Sindel said residential and commercial construction markets meant the company continued to adjust its cost base and was trading through the cycle.
He said CSR would continue to look for bolt-on acquisitions that were close to the core of the business and that addressed the shift towards denser, townhouse style freestanding housing.
Sindel also called on the government to re-examine assistance to industry before introducing a carbon tax.
