CRH profit down –82%

Pre-tax profits for CRH for the first half of the year were down to € 108 million, an -82% drop compared to the same period in 2008. Revenues fell -15% to € 8,92 billion.

Commenting on the results, chief executive Myles Lee said, "While overall group profitability in the second half of 2009 will be lower than in 2008, we will benefit from the aggressive cost reduction measures undertaken in 2008 and to date in 2009 and from more moderated second-half energy-related input costs than in 2008. As a result, the overall rate of profit decline experienced in the first half is expected to improve in the seasonally more profitable second half."

The biggest impact for CRH was in its European materials business, where revenues fell -28% to € 1,3 billion, and operating profits were down -70%. Particular areas of weakness included Ireland, Finland and the Baltic region and Central & Eastern Europe. Its other businesses in Europe - building products and distribution via DIY stores were not hit as hard.

In the America's CRH saw a -12% fall in revenues for its materials business, and this was the only division to make an operating loss in the first half of the year. Revenues from its building products business were down -13% in the region.