CSR ASX: Julie Coates, the ceo of CSR, which makes Gyprock, PGH bricks, Monier roofing and Bradford insulation, says the housing construction market will be able to absorb any further interest rate rises by the RBA.

Profits from the building products business hit a record for the first half.CSR hopes a brighter outlook for its building products business will more than offset a loss-making year for its aluminium division, which owns a quarter stake in the NSW Tomago smelter saddled by higher energy bills.

Ms Coates said the aluminium unit was expected to make a full-year loss of between $15 million to $30 million, from earnings before interest and tax of $17.4 million a year ago. Rio Tinto owns 51.5 per cent of Australia’s largest aluminium smelter. “But unemployment rates are very low, and migration, they are big numbers in terms of population growth.”Ms Coates said there were 110,000 homes under construction and that pipeline would likely run through until mid-2024. “It’s still a high demand market.If there were any sign of a fall-off in construction demand, the company would notice it first in its PGH bricks business because bricks are used early in the construction process.

Ms Coates said the pipeline of detached housing construction already under way is about 50 per cent higher than historical averages, while in the apartment market there is two to three years work in hand. CSR makes 52 per cent of its revenues from the detached housing market, and 17 per cent from supplying builders in the medium-rise and high-rise apartment market.

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