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CSR chief executive Julie Coates says the company has responded swiftly to COVID-19.Credit:Peter Rae

"There are 1.2 million people who work in building and construction,but about half of those work in housing. And what we know about the housing sector is that it has a strong multiplier effect on the economy,"she toldThe Age andThe Sydney MorningHerald.

New social housing spending could deliver a near-immediate boost,while a reduction or removal of stamp duty on home buyers and regulatory changes to accelerate housing approvals would all help,she said.

Ms Coates was speaking after the $1.6 billion ASX-listed company,a major producer of plasterboard,insulation and bricks,reported a full-year net profit from continuing operations (before significant items) of $134.8 million. This was ahead of guidance of between $107 million and $133 million,but down on last year's $181.7 million result.

CSR ditched its final dividend and its CEO,chief financial officer and all senior executives missed out on short-term bonuses for the year as the business looks to preserve cash during the coronavirus pandemic. Last year the total value of short-term bonuses for CSR executives was $3.4 million.

CSR has become the latest in a long list of companies to ditch or defer their dividend and follows Incitec Pivot dumping its dividend on Monday.

CSR also paused a $100 million on-market share buyback underway since March last year.

CSR posted a decline of 6 per cent in its building products revenue to $1.6 billion,while residential building activity across the economy declined 21 per cent. CSR did not provide earnings guidance for the new year because of COVID-19.

The company said the pandemic had not impacted its trading so far in the new financial year but warned it would lead to a slowdown in demand. CSR's financial year ends March 31.

Before the emergence of COVID-19 CSR had closed some of its factories in anticipation of a downturn in the construction market this year. It also said it was able to cut overtime and casual hours.

In a note to clients Citi analyst Craig Woolford said CSR's results showed resilience in some divisions."The company seems well prepared to manage a downturn and will look for supply chain and footprint cost reductions to support earnings,"he said.

CSR shares jumped higher in response to the results,up 9.47 per cent to $3.70.

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