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CRH blames weather for slippage.
(From Irish Independent)
CRH HAS flagged the market to expect lower than expected profits this year, as badweather continued through May and June, disrupting US operations and aggravating theprofit translation effect of adverse currency movements.
The international building materials group says it expects to report pre-tax profit in therange of [euro]155m to [euro]160m for the six months up to yesterday. This represents a 20pcreduction on the corresponding pre-tax profit of [euro]196m in half one of 2002, a steeper downturn than the market had been expecting.
Even so, the share price pushed ahead by more than 2.6pc to [euro]13.65, buoyed perhapsby relief things are not worse. CRH is the quality play in the sector, and its ratings wouldnot be considered testing, particularly now that the currency hit has been largelyquantified for the year.
The group also announced a range of 19 development initiatives totalling [euro]375m, undertaken during the first half of 2003.
These initiatives are in addition to the [euro]189m SEJohnson transaction announced in May,and bring total development spend in the first half of 2003 to over [euro]550m, three-quarters of which arises in North America with the balance in Europe.
Currency translation effects will account for ...
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