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CRH’S profits to fall below 2011 levels

BUILDING materials group CRH has reported lower growth in its American operations and a higher rate of decline in the third quarter.

CRH expects to report full year earnings of about €1.6bn, down slightly from the €1.65bn reported in 2011.

Group sales were down 3pc for the quarter and 1pc for the nine months to end September.

While sales for the quarter were 1pc ahead of last year and cumulative revenue was 4pc ahead of the €13.5bn reported last year amidst challenges in markets like Spain and Ireland, the impact of lower volumes and prices is partly being offset by the results of restructuring.

CRH should also benefit from reconstruction work in the wake of superstorm Sandy.

But the short-term negative impact and ongoing weakness will mean EBIDTA for the last three months of the year of below 2011 levels.