(Adds details on U.S. business, outlook)
Nov 10 (Reuters) - James Hardie Industries JHX.AX , the world's biggest fibre cement maker, decided to reinstate dividend on Tuesday after posting a 11% rise in first-half profit as its housing business benefited from a sharp recovery in the U.S. homebuilding market.
Homebuilding in the world's largest economy rebounded strongly, benefiting from historically low borrowing rates and a migration to the suburbs and low-density areas in search of more room for home offices and schooling. earnings before interest and taxes for North America fiber cement segment, the biggest driver of the company's profit, rose 17% in the first half.
The company reaffirmed its forecast for 2021 underlying net operating profit after tax of between $380 million and $420 million.
Its adjusted net operating profit for the half year ended Sept. 30 came in at $209.8 million, up from the $188.8 million reported a year ago.
James Hardie said it will reinstate an annual ordinary dividend for fiscal year 2021 and plans to reduce gross debt by $400 million by the end of that period.