Building company James Hardie disclosed its full-year loss of $93.6 million yesterday, stating the loss was due to the tough US housing market. However, the group is optimistic of long-term growth and better conditions in the Asia-Pacific market.

The company's poor losses include asbestos adjustments of $US224.2 million, which is attributed to the rise of the Australian dollar, and tax adjustments and costs linked with the high-profile court action sought by the corporate regulator against former executives and directors.

Full-year net operating profit reached $US133 million, excluding the losses.

Chief executive Louis Gries of James Hardie believes the “bottom of the downturn may have been reached” when US sales volume increased during the last quarter for the first time in four years. He said the recovery of the US market still looks bleak and uncertain, but is positive on the performance during the last few quarters.

"Additionally, over the last several months we have started to incur higher raw material, freight and energy costs. Despite these increases, the US business continues to perform well financially."

Meanwhile, Emily Behncke, analyst of Deutche Bank said the results posted by the company looked positive despite of a weak US market.

"Pulp prices are at all-time highs and that is their biggest cost. However, they have announced, and are in the process of implementing, some price increases which should partially offset that," the analyst explained.

The ending of the $US800 tax credit scheme for new home buyers also gave an impact on the recent sales, but the company still successfully received market share in the US.

The analysts also admitted her worries on the US housing market outlook.

"I am not convinced we are going to see significant growth in the US housing market and that might disappoint the market," she said.

Ms. Behncke said the total expenses of $US3.4 million spent by the company in the Australian Securities and Investments Commission against 10 former directors and executives in 2010 may be brushed off as “not to significant.”