Readymix notches €13m losses
Embattled cement maker Readymix expects to have notched up €13m in losses during 2011, compounding a €15m loss it recorded the previous year.
But the recorded losses for 2011 will soar to an expected €54m after the group registers another non-cash impairment charge.
In an interim management statement yesterday, Readymix said that impairment charge was likely to be €39m for the full year. The company incurred a €12m impairment charge in the first half of 2011.
It also said that revenues in 2011 fell 15pc to €46.2m.
"In light of the continued decline in aggregate volumes and the uncertainty that surrounds the housing and construction sectors, and the economy as a whole, the board has again conducted a detailed year end review of asset holding values," the company said yesterday.
It added that the review prompted the latest impairment charges.
Readymix received an approach last month from its majority owner, Cemex, to buy out the company. Mexico-based Cemex already owns 60pc of Readymix.