Sydney, Aug 15, 2007 (ABN Newswire) - The Commonwealth Bank has reported a solid increase in its full year cash profit. Australia's second biggest lender recorded a cash net profit of just over $4.6 billion, up from $3.91 billion a year ago. That's an increase of 18 per cent. The result was helped by strong loan growth and a booming funds management business. The bank says it has no exposure to the U.S. sub-prime mortgage market, though one of its hedge funds does have some investments. The Commonwealth Bank's earnings have been increasing over the last 3 financial years.
Ansell has recorded a decline in profit. Earnings for the 12 months to June 30 came in at $100 million, that's down from $116 million last year. Analysts were expecting a profit of around $92 million, Ansell makes household, industrial and medical gloves and is the world's second-largest maker of rubber contraceptives. Ansell produced record earnings in 2006.
And James Hardie has posted an increase in first quarter profit but has warned of hard times ahead. The building materials group said earnings came in at just over 39 million US dollars. The 10 per cent increase in earnings was put down to higher sales and selling prices in the US housing market. The company also announced an on-market buyback of up to 10 per cent of its issued capital, and cautioned the outlook for the U.S. housing construction remains weak. James Hardie recovered from a loss in 2006 to post an earnings result of US$151.7 million in 2007
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