Readymix posts a loss of €4.2m
Published 24/05/2011 | 05:00
Cement maker Readymix posted a €4.2m trading loss during the first quarter of the year and expects ongoing price pressure to further dent figures for the remainder of the year.
In an interim statement yesterday, the company said the loss compared to a €3.8m trading loss in the corresponding period in 2010.
"In an exceptionally competitive market, prices across a number of our key product lines also continue to come under increasing pressure."
Chairman Adrian Auer added: "For the remainder of 2011, the board expects revenues to continue to fall versus the same period of 2010. This will be driven by continuing poor volumes and ongoing pressure on prices."
The firm, which is controlled by Mexico's Cemex, held its AGM in Dublin yesterday.
Earlier this month, Readymix said that it had received an approach for certain "material assets" belonging to the company. Weekend reports suggested that Cemex is poised to delist Readymix from the stock exchange and sell some assets to CRH.
Shares in Readymix fell 5.9pc yesterday, valuing the company at just €17.5m.