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CRH says 1st-half profit gains 27 percent on European demand

CRH says 1st-half profit gains 27 percent on European demand

Construction materials maker CRH PLC said Tuesday that its first-half profit rose 27 percent after growth in Europe outweighed slipping demand in the U.S.
Net income for the six months advanced to euro504 million (US$687 million) from euro396 million in the same period a year earlier, Dublin-based CRH said in a statement. Sales rose 21 percent to euro9.7 billion (US$13.3 billion).
The company, which did not break out quarterly results, cited "a particularly strong performance in Europe significantly outweighing more challenging conditions in the Americas." It said operating profit in Europe rose 50 percent while in the Americas it dropped 2.5 percent.
CRH boosted growth in Europe through acquisitions in countries such as Switzerland and Turkey. In April the company bought 50 percent of Turkey's Denizli Cement for an undisclosed sum.
"CRH's geographic, sectoral and product balance continues to deliver in 2007 both in terms of overall trading performance and development activity," said Chief Executive Liam O'Mahony.
The company announced last month that O'Mahony will retire on Dec. 31, 2008, and CRH expects to name a successor next summer.
Shares in CRH gained 3.7 percent to euro31.43 (US$42.95) in Dublin.


Updated : 2021-04-17 20:54 GMT+08:00