Sales at Readymix drop 18pc
Published 18/10/2011 | 05:00
READYMIX says activity in the concrete sector may be stabilising, but only after announcing an 18pc fall in sales.
Readymix said sales fell 18pc in the first nine months of 2011, compared to the same period last year.
In an interim management statement Readymix said third-quarter sales fell to €12.9m in the first nine months of the year, compared to €13.8m in 2010.
Readymix is majority owned by Mexican cement giant Cemex.
In its statement, management said the company continued to endure the effects of the construction meltdown, but offered a suggestion that the sector may be bottoming out.
"The long-term outlook indicates that activity levels might be stabilising in the medium term but the near-term outlook remains poor due to the lack of new business projects."
Losses declined in the most recent three-month period. In the third quarter of 2011 operating losses were €2.5m, down from €3.5m for the same period in 2010.
Readymix shares are traded on the Dublin stock exchange. Last night shares were unchanged at 10c each.