James Hardie slashes asbestos compensation fund payments by 44 per cent

November 20, 2015 in Latest News

Big building products maker James Hardie has cut its contribution to its legacy asbestos compensation scheme, despite increases in its profit and cash flow.

Figures released in its interim profit announcement showed James Hardie’s contribution to the Asbestos Injury Compensation Fund (AICF) fell to $US62.8 million from $US113 million last year — a drop of 44 per cent.

The company said payment represented 35 per cent of its operating cash flow — the level at which James Hardie’s board had committed to pay into the fund.

The compensation funding cuts came despite a rise in interim profit from $US156.1 million to $US190 million — or 22 per cent — over the year, and operating cash flow increasing 160 per cent.

Read More