Ireland's CRH reports 27% rise in earnings

GMT 00:20 2014 Wednesday ,20 August

Arab Today, arab today Ireland's CRH reports 27% rise in earnings

Irish building materials group CRH
Dublin - XINHUA

 Irish building materials group CRH plc said on Tuesday its earnings increased 27 percent to 505 million euros in the first six months of the year.
In its interim report, the Dublin-based group said its earnings before interest, taxes, depreciation and amortization (EBITDA) in the first-half jumped to 505 million euros from 397 million euros a year earlier, in line with guidance provided in May this year.
The Dublin and London listed company attributed the earnings increase to improving sales, driven by better weather conditions in Europe and continuing recovery in the United States.
Its sales revenue increased by 4 percent, up to 8.3 billion euros, according to the interim report.
The sales revenue grew 7 percent in Europe and 1 percent in the Americas. Like-for-like sales were up 5 percent.
The pre-tax profit amounted to 61 million euros, the report said.
"2014 got off to an encouraging start with favorable weather in Europe and continuing recovery in the U.S.," said CRH CEO Albert Manifold.
"We are pleased with the strong operating leverage which is reflected in margin improvement for the period. Economic indicators continue to be positive in the Americas, while in Europe we have seen some easing of trends in recent months," he said.
He expected second-half group earnings to be "somewhat ahead" of last year's 1.08 billion euros, "assuming normal weather patterns and no major market dislocations". (1 euro = 1.33 dollars)

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