Irish Builder Forecasts Slow U.S. Year, Pre-Tax Profit Increase

Dublin–Although Irish building material company CRH, which operates in 30 countries, said its growth this year may slow, the company expects its 2007 pre-tax profits to be up 19 percent, according to The Telegraph.Pre-tax profits were forecast at £1.4 billion after the U.S. housing market declined, which was counteracted by

Dublin–Although Irish building material company CRH, which operates in 30 countries, said its growth this year may slow, the company expects its 2007 pre-tax profits to be up 19 percent, according to The Telegraph.Pre-tax profits were forecast at £1.4 billion after the U.S. housing market declined, which was counteracted by cost cuts, higher material prices and continued growth in Europe.Although Dublin-headquartered CRH anticipates tough times in the U.S. housing market this year, just 30 percent of its U.S. business was exposed, according to Chief executive Liam O’Mahony.CRH spent £1.6 billion in the past year to purchase a Swiss builder and other new business. O’Mahony said CRH could spend more than £1.5bn on acquisitions this yearThe company’s results are due to be reported on March 4.