James Hardie FY profit down 92pc to $47.2m JAMES Hardie's full-year net profit has plunged after changes to its asbestos liabilities and the impact of legal battles with the tax office. The building products maker posted a net profit of $US45.5 million ($47.19 million) for the year to March 31, down 92 per cent from $US604.3 million in the previous year. The previous year's profit was boosted by a $US485.2 million benefit from a legal victory against the Australian Taxation Office (ATO) in March 2012. Net operating profit excluding legal- and asbestos-related issues in the year to March 2013 was $US140.8 million, down two per cent from $US144.3 million. Chief executive Louis Gries said operating earnings from James Hardie's US and Europe operations were steady when compared to the previous year, and sales were higher amid improved conditions in the US housing market. Full-year operating earnings in its Asia Pacific operations were lower than the previous year's, due to strong competition in a weak housing environment. The majority of James Hardie's earnings come from the US, where it said housing construction activity had increased. "The company expects that the improvement in the US operating environment reflects a sustainable recovery in US housing, although the recovery is expected to occur over a protracted period," James Hardie said in a statement. But conditions in Australia remain subdued, and no substantial improvement was expected in calendar 2013, the company said. However, it said that activity in New Zealand was improving, and the market in the Philippines should remain robust. The company declared a final unfranked dividend of 13 US cents per share, plus a special dividend of 24 US cents, also unfranked. That takes James Hardie's dividends over the full year to 42 US cents, the same as in the previous year. James Hardie also announced it plans to buy back up to 5 per cent of its listed shares.