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CSR REPORTS RESULTS FOR THE HALF YEAR ENDED SEPT. 30, 1991

       CSR REPORTS RESULTS FOR THE HALF YEAR ENDED SEPT. 30, 1991
    SYDNEY, Australia, Nov. 25 /PRNewswire/ -- CSR Limited today released the following results:
    CSR's managing director, Ian Burgess, said today, "The company's profit of A$110.1 million after tax for the half year was as expected. The profit for the full year will now certainly be below A$200 million and may be well below depending on trading during the rest of the year. The board's decision, announced recently, to reduce the interim dividend to 10 cents a share reflects the lower profitability."
    "The reasons for the decline in profits are the recession and a pervasive lack of consumer confidence in Australia and in the United States, together with low world prices for sugar and aluminium.  The coincidence of difficulties in all our markets, together with the effect of flood and drought on the sugarcane crop is, in part, a matter of circumstance."
    "The view we have at present is that the generally difficult economic conditions will continue for perhaps another year, Encouragingly, our managers are taking advantage of opportunities for sustained action, continuously reducing operating costs and either adjusting production units to lower throughput or closing them."
    Burgess said, "The position has now been reached where we are faced, in many businesses, with the dilemma of how best to make further adjustments without compromising the company's ability to take advantage of the inevitable recovery.  To meet this challenge a further careful and disciplined attack on all controllable costs is in progress so that the company will enter the next growth cycle approaching best international practice in all its operations."
    "At the same time we are continuing to follow the path of conservative financial management.  The balance sheet is strong; gearing was 28.9 percent at end September and interest cover was 4.1 times."
    "Staff are regarding the difficult and competitive market conditions as an opportunity to streamline their operations and redouble their efforts on customer service.  When markets do improve, the effect on profits should be very considerable."
                               CSR LIMITED
                           Financial Performance
                       (A$ million unless indicated)
      Half year ended Sept. 30               1991       1990       Pct.
                                                                  Change
    Gross revenue - including sales
     made as agent                          2,531.0    3,083.2    -17.9
    Group revenue                           2,270.3    2,733.1    -16.9
    Trading revenue                         2,223.1    2,437.2     -8.8
    Operating profit before interest,
     foreign exchange and income tax          256.3      407.9    -37.2
    Net interest expense                       54.9       69.3    -20.8
    Net foreign exchange loss                   2.2        3.2    -31.3
    Income tax expense                         81.7      112.6    -27.4
    Minority interests' profit proportion       7.4       17.2    -57.0
    Net profit before abnormal items          110.1      205.6    -46.4
    Abnormal items                               --        2.1       --
    Operating profit after abnormal and
     extraordinary items                      110.1      207.7    -47.0
    Earnings per share on issue at Sept. 30
     (cents)                                   13.8       27.0    -48.9
    Dividend per share - interim (cents)         10         16    -37.5
    Paid up capital at Sept. 30               800.6      761.6      5.1
    CSR shareholders' funds at Sept. 30     2,917.1    2,715.7      7.4
    Non-current creditors and borrowings
     at Sept. 30                            1,342.0    1,101.3     21.9
    Cash flow (funds from operations)         329.8      432.2    -23.7
    Gearing at Sept. 30 (pct):
      Long-term debt : equity plus long-term
       debt                                    28.9       26.4       --
      Total borrowings less cash and short-
       term lending : equity                   39.1       38.7       --
      Long-term debt : equity                  40.7       35.9       --
    Total assets at Sept. 30                6,402.7    6,287.5      1.8
    Capital investment                        176.2      180.7     -2.5
    Divestments                                26.9      265.2    -89.9
    Net tangible assets (book value) per
     share at Sept. 30 (A$)                    3.17       3.10      2.3
    Net assets (book value) per share at
     Sept. 30 (A$)                             3.65       3.57      2.2
    -0-         11/25/91
    /CONTACT:  Rolf Rempt of CSR, in Sydney: 61-2-235-8368, or after hours, 61-2-982-4173, or Barbara Sands of Burson-Marsteller, 212-614-5219, for CSR/ CO:  CSR Limited ST: IN:  CST SU:  ERN CK-TG -- NY044 -- 6834 11/25/91 12:12 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 25, 1991
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