BUILDING products group CSR predicts a sustained recovery in the Australian housing construction sector, led by New South Wales and Western Australia.
CSR believes conditions will improve after recent economic data confirmed an upward trend in building activity this year.
This was supported by record low interest rates, strong population growth and first home owners' grants in most states.
"We are confident we are seeing the start of a sustained recovery in housing construction, particularly in the states with strong population and job growth," managing director Rob Sindel told the company's annual general meeting (AGM) in Sydney on Thursday.
New South Wales and Western Australia were improving, while South Australia, Queensland and Victoria's detached housing market had stabilised.
Meanwhile, the company has forecast a sustained housing recovery in Queensland later this year.
CSR expects housing starts to increase from 145,000 to 147,000 in the year ending 2014 after the sector reached the bottom of the cycle during 2012.
In May the group recorded a full-year statutory net loss of $146.9 million, which included $255.6 million in write-downs and the restructuring of its loss-making Viridian glass business.
The glass business posted a $39 million loss and earnings at its aluminium smelter slumped by 38 per cent to $50 million.
CSR said the restructuring of Viridian would be a key focus over the next 12 months.
"We're targeting a significant improvement in the substantial losses we made this year and we're absolutely confident we can get there," Mr Sindel said.
The company expects earnings in the property division to return to normal later this year as it hedges 40 per cent of its aluminium products.
Chairman Jeremy Sutcliffe added that a significant decline in the value of the Australian dollar would be positive for the company which still had the biggest market share for the popular Gyprock plasterboard product.
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