Irish quarries sees downturn
Posted on August 25th 2009
The construction industry is experiencing turbulent times in the recession and with reports of the Welsh Slate company in Wales having to make redundancies and introducing more mechanisation to reduce production costs, it is unsurprising that other quarries like the Irish building material group (CRH) quarries in Ireland will be reporting more pre-tax losses in 2009.
CRH, the largest Irish company on the Irish stock exchange, explained that due to a downturn in commercial and residential building that the company was suffering pre tax losses in the first six months of 2009 that amounted to 108 million euros compared to last years 606 million euros.
The company owns three major quarries in Northern Ireland Northstone, Tyrone Brick and Springvale EPS said that their Irish operation would benefit form the "aggressive cost reduction measures made in 2008" many of which were similar to those put in place by the Welsh Slate company at the former Penrhyn quarry in Bethesda. CRH also explained that in the future the company was going to reduce energy input cost to help bolster overall profit.
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