CRH share price collapse after profits fall by 77%

ALMOST €1.6 billion was wiped off the value of shares in building materials giant CRH yesterday, following the publication of a set of first-half results which included a 77% fall in pre-tax profits.

In total, pre-tax profits for the first six months of the year, at the largest publicly quoted Irish company, amounted to €25 million, down from €108m for the same period last year.

In addition to that, EBITDA (earnings before interest, tax, depreciation and amortisation) was down by 20% year-on-year, at €520m; operating profit fell by 51%, to €118m; and group revenue declined by 8%, to €7.66bn.