Exhibit 99.3

(RESULTS AT A GLANCE)

1st Quarter – 30 June 2003

                 
  1st Qtr FY04
James Hardie                
Net Sales   Up   24%   to   US$241.5
EBIT2   Up   38%   to   US$  48.3
Operating Profit3   Up   47%   to   US$  32.9
Net Operating Profit1,4   Down   54%   to   US$  34.7
EBIT Margin2   Up   2.0pts   to            20.0%
USA Fibre Cement                
Net Sales   Up   22%   to   US$186.8
EBIT2   Up   39%   to   US$  54.1
EBIT Margin2   Up   3.6pts   to               29%
Volume   Up   14%   to   387.5mmsf
Asia Pacific Fibre Cement                
Net Sales   Up   23%   to   US$  50.1
EBIT   Up   15%   to   US$    8.6
EBIT Margin2   Down   1.2pts   to            17.2%
Volume   Up   12%   to   98.2mmsf
Key Ratios                
Earnings Per Share (Basic)             7.2cents
EBIT Margin2           20.0%  
Return on Shareholders Funds1           29.6%  
Return on Capital Employed           29.7%  
Gearing1           18.2%  
Net Interest Cover (EBIT1 / Net interest expense)           21.0x  

All comparisons are against the 1st quarter of the previous fiscal year. All dollar amounts are in US$ millions. Results are for continuing businesses only unless otherwise stated.

Note: This document should be read in conjunction with other 1st quarter results materials including a Media Release, a Management’s Discussion and Analysis, a Management Presentation and a Financial Report.

    1 Includes discontinued operations
 
    2 EBIT is defined as operating income. EBIT margin is defined as EBIT as a percentage of our net sales. We believe EBIT and EBIT martin to be relevant and useful information as these are the primary measures used by our management to measure the operating profit or loss of our business. EBIT is one of several metrics used by our management to measure the cash generated from our operations, excluding the operating cash requirement of our interest and income taxes. Additionally, EBIT is believed to be a primary measure and terminology used by our Australian investors. EBIT and EBIT margin should be considered in addition to, but not as a substitute for, other measure of financial performance reported in accordance with accounting principles generally accepted in the United States of America. EBIT and EBIT margin, as we have defined them, may not be comparable to similarly titled measures reported by other companies.
 
    3 Operating profit from continuing operations is equivalent to the US GAAP measure of income from continuing operations
 
    4 Net operating profit including discontinued operations is equivalent to the US GAAP measure of net income