James Hardie profits up but asbestos compo is cut
BUILDING products giant James Hardie has cut its asbestos compensation scheme by more than 40%, despite rising profits.
The firm's interim profit figures released this week showed it earned $US190 million in the past year, up from about $US150 million the previous year.
But its asbestos victims' compensation program was cut by 44%, down from $US113 million last year to $US62 million.
The company said the compensation program was still funded at 35% of its operating cash flow, the same share it had promised to pay out.
After a national scandal, almost $800 million has been paid out under the program since 2007 to victims of asbestos exposure through some of James Hardie's old building products containing asbestos.
- APN NEWSDESK