CRH reports its third quarter EBITDA being down by around a quarter, compared with the 41% drop seen in the first half, and the company expects a sharper decline in the fourth quarter than in the third and suggesting a reduction in the EBITDA for the year of around one-third. With an adverse impact from exchange rate movements, the pre-tax profit for the full year is expected to be in the region of €750m, which would translate into drop of 53.9%. Capital expenditure in 2009 is likely be approximately half of the €1,029m spent last year and well below the €750m of capital expenditure indicated by the group in March.
So far this year, CRH has spent in the order of €330m on acquisitions. The latest deal, concluded only this month, involves the acquisition of Hilty Quarries, which operates eight quarries in Missouri. Yatai Cement Corporation, the 26%-owned associate in China has made further additions in north-eastern China and when the plants currently under erection are taken into account, should have an annual cement capacity of about 21Mt by next spring.