|CRH Chief Executive Liam O’Mahony rings The Opening Bell on April 4, 2006 at the New York Stock Exchange. CRH is the largest US building materials group. |
CRH, the international building materials group and the biggest firm in the sector in the United States, today reported pre-tax profits of €606m for the first half of 2008, down 10% on the same period last year.
Revenue for the first six months was flat at €9.7 billion, while earnings per share were down 8% to 85.5 cent.
The group revenues are about 40% dollar related has been hit by the weaker US currency.
Americas operating profit at €197 million was €79 million or 29% lower than first-half 2007. In US$ terms operating profit fell 18%; seasonally less significant first-half Materials operating profit fell by 47% impacted by poor weather, while Products was down 12% with Distribution 10% higher.
Liam O’Mahony, Chief Executive, said today: “Following 15 years of consecutive growth and a record performance in 2007, more difficult trading conditions and a weaker US$ will, as previously indicated, result in a lower outcome for 2008. The percentage decline in full year profit before tax is expected to be broadly similar to that reported for the first six months, with a lesser reduction in earnings per share due to the ongoing share buyback and an expected lower percentage tax charge. Against this background, CRH’s geographic, sectoral and product balance, combined with significant cost and commercial initiatives, underpins performance and cash flow."