CRH 2017 Pretax Profit Up on Europe and Americas Gains
March 01 2018 - 2:58AM
Dow Jones News
By Carlo Martuscelli
Building materials company CRH PLC (CRG.DB) said Thursday that
profit before tax increased 16% in 2017, as the company benefited
from a positive performance in Europe and the U.S.
The Dublin-based company posted a pretax profit of 2.01 billion
euros for the year ended Dec. 31, compared with EUR1.74 billion the
year before. Revenue increased 1.7% to EUR27.56 billion.
Profit before tax from continuing operations was EUR1.87
billion, up from EUR1.62 billion the year before. This discounts
the effect of CRH's Americas distribution segment, which it agreed
to sell in August.
CRH said that it benefited from increases in underlying demand
in the Americas, as well as positive momentum in Europe. The U.S.
tax reform had a one-time positive effect on its tax liabilities,
which reduced its tax charge to EUR94 million from EUR471 million
in 2016.
The company says it expects economic growth across both Europe
and the U.S. It sees continued growth in U.S. housing as well as
non-residential construction. In Europe, its focus will be on
increasing gains it made in pricing and efficiency.
"In Asia, with expectations for continued economic growth in the
Philippines, we anticipate some stabilization of the cement market
in 2018, however results from our business will remain challenged,"
CRH said.
It posted a final dividend of 48.8 euro cents per share, versus
46.2 euro cents per share a year earlier.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
March 01, 2018 02:43 ET (07:43 GMT)
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