Readymix's revenues fall by 24%

Building materials group Readymix said its revenues dropped by 24% during the first six months of the year and this led to a pre-tax operating loss (before exceptional items) of approximately €7 million, compared with the €6.1 million loss for the same period last year. When exceptional items are included, Readymix expects its total losses to increase to about €20.4 million for the first six months of the year. In 2010 the loss was €6.6 million.

Auctions, Used Equipment, Rental & Finance / March 27, 2012

Building materials group 4298 Readymix said its revenues dropped by 24% during the first six months of the year and this led to a pre-tax operating loss (before exceptional items) of approximately €7 million, compared with the €6.1 million loss for the same period last year.

When exceptional items are included, Readymix expects its total losses to increase to about €20.4 million for the first six months of the year. In 2010 the loss was €6.6 million.

According to reports, much of the increase in losses is due to a charge of €12.7 million the company took on in June. This followed a mid-year impairment review of the carrying value of its property, plant and equipment.

Other exceptional items include rationalisation costs of €2.7 million, and a net gain of €2.9 million related to the closure of pension schemes.

The company has said it is in talks about disposing certain material assets and subsidiaries. These discussions are continuing