Managing director Keith Barton said the outlook for the next six months was better for almost all divisions of Hardie, which expects to generate about 70 per cent of its earnings in the United States this year.

"Both gypsum and fibre cement in the US are just going to continue, they are going strongly," Barton told a briefing after the release of the company's half-year results.

The outlook was also extremely good for its Australian building systems division, after a poor first half in historical terms.

Hardie reported a net profit before abnormals for the half year to September 30 of A$46.9 million, up slightly on A$45.3 million a year ago.

However, it posted a net loss of A$76.6 million after an abnormal loss of A$123.5 million, most of which related to the write-off of a A$93.5 million taxbenefit.

Barton said this was purely a book entry, and much of the tax benefits would still to be available.

The change flowed from the company's major restructure, which will see new Netherlands-incorporated operating company James Hardie NVn

A US roadshow is planned for early February.

Barton also said he was comfortable with analysts' forecasts of full-year profit before abnormals of A$85 million to A$95 million, although some analysts expect the group to outperform.

Hardie reported an 18-per cent increase in sales revenue in the first half for on-going businesses, compared with the previous half, and a 24-per cent increase in earnings before interest and tax (EBIT).

Barton said volumes remained strong for both gypsum and fibre cement in October, while housing starts were continuing at high levels.

Although a US downturn could be expected at some stage, he said much of the growth in fibre cement was from taking market share in the sidings market from wood and engineered wood, which shouldcontinue.

"We think we are in a very good position to go through the next cycle more than maintaining earnings," he added.

Hardie had also significantly expanded production capacity in fibre cement, adding an extra 400 million square feet to take total capacity to about 900 million square feet.

Analysts said the result was in line with expectations, and expected an improved second half as US sales volumes increased.

While the group had benefitted from the weaker Australian dollar, it was winning a big increase in volumes in its fibre cement business where it was able to make the product cheaper than rivals, one said.