Bathroom company warns of profit decrease

THE value of bathroom fixtures maker Qualceram Shires plunged by as much as a quarter yesterday after the company warned that profits this year are likely to be nearly 40% lower than in 2006.

In a trading update to shareholders yesterday the company said that the slowdown in housebuilding was impacting on sales and this would cut profits from €3.9 million in 2006 to €2.4m this year.

Shares in the Arklow-based company sank by as much as 23% on foot of the trading update. They recovered to end the day down 19%, or 25%, to close at €1.05.