CRH sees first half profits drop 10%

Irish materials firm CRH has reported a 10% drop in pre-tax profits for the first half of 2008.

Profits were down to £483m for the six months to the end of June - the first time earnings have failed to grow at the company for 16 years.

Chief executive Liam O'Mahony said: "Following 15 years of consecutive growth and a record performance in 2007, more difficult trading conditions and a weaker US dollar will, as previously indicated, result in a lower outcome for 2008."

He added that the percentage decline in full year profits was expected to be around the same as it was for the first half.