CRH's profits soar on European growth
Published: 17 August, 2011
DUBLIN: CRH's pre-tax profit for the first half of the year jumped +280% to 95m euros from 25m euros a year ago. Revenues were up 7% to 8.17bn euros, giving the company a pre-tax profit margin of just over 1%.
Its building products and distribution businesses in Europe and the Americas drove the profit increase. The most striking increase among these was a +26% rise in revenues for the European distribution business, which came from a combination of organic growth and the acquisition of the Sax Sanitair and Bauking businesses in 2010.
But CRH chief executive Myles Lee cautioned about future prospects: "Looking to the second half, downward revisions to economic growth estimates over recent months, combined with the extreme turbulence evident in world financial markets over the past few weeks, have added to market risks and uncertainties."