Building materials maker Owens Corning reported a narrower fourth-quarter loss, despite a decline in revenue due to weak demand in its building material segment during the quarter but still the company reported earnings below expectations.

Company reported revenue of $1.2 million during the fourth quarter against the revenue of ????41.3 billion for the same period of previous financial year primarily due to decline in the sale to US housing market and global economy. Loss of company narrowed to $19 million against the loss of 434 million due to income tax benefit during the quarter.

According to the officials of the company it expects demand for the new construction related insulation business will remain low during the coming quarter. Company is having plans to increase its production levels around 38 percent to meet the rise in the demand for fiscal year 2010.

For the fiscal 2010, Owens Corning expects adjusted earnings per share to grow 25% or more according to the company this level of earnings would be supported by a strong balance sheet and a favorable tax position.