Stockbrokers cut CRH profit forecast by €80m

CRH, one of the top three global building materials suppliers, has had its profits forecast for 2008 slashed by €80 million by Davy Stockbrokers.

Shares in the group fell more than 2% in Dublin yesterday or by 54 cent to €25.52, pushing the value of the group well below its international peers.

In an update of next year’s outlook, Davy Stockbrokers has cut its full-year 2008 Pre Tax Profit forecast by €88.6m (4%) to reflect a weaker dollar/euro exchange rate ($1.42 versus $1.35) and higher finance costs.