Building materials group CRH has reported pre-tax profits of €606m for the first half of this year, down 10% on the same period last year. This was its first profits fall for 15 years.
The group had already signalled that it would report a fall in profits, due to more difficult economic conditions and a weaker US dollar. The US currency's poor performance knocked €21m off profits.
CRH chief executive Liam O'Mahony said there would be a similar fall in pre-tax profits for the full year.
Revenue for the first six months was flat at €9.7 billion, while earnings per share were down 8% to 85.5 cent. A 2.5% higher interim dividend of 20.5 cent will be paid.
Profits in Ireland fell by €15m with cement volumes down 14%. CRH said non-housing building activity had failed to compensate for a further sharp fall in house building. Profits in Europe grew by 4% to €515m, but profits in CRH's Americas division dropped by 29% to €197m.
Meanwhile, CRH spent €700m in the first half on investments and acquisitions, including the purchase of a 45% stake in Indian cement maker My Home Industries.
Shares in CRH closed down nine cent at €16.62 in Dublin this evening.
