James Hardie posts huge loss

Australian building materials giant James Hardie Industries has reported a half-year loss of more than A$100 million, ABC News has reported.

James Hardie said its loss of A$106.5 million for the six months to the end of September was mostly driven by the ongoing weakness in the United States housing market.

The substantial loss compares to a profit of A$169.2 million at the same time last year.

It takes into account expenses associated with the asbestos diseases compensation fund, as well as costs related to ASIC's successful legal action against the company.

In a statement to the Australian Securities Exchange, James Hardie's chief executive, Louis Gries, has said the US home building market remains at near historical lows.

But he has also said the company should be in a sound financial position to contribute to the asbestos diseases fund in 2010.