One of Ireland's biggest companies has reported a steep fall in profits in the first half of this year.



CRH, the quarry and building products group, said pre-tax profits for the first six months of 2009 were 108m euros compared to 606m euros in the first half of last year.



In Northern Ireland the company owns Northstone, Tyrone Brick and Springvale EPS.



Chief executive Myles Lee said profits should improve in the next six months.



He said: "We will benefit from the aggressive cost reduction measures undertaken in 2008 and to date in 2009 and from more moderate second-half energy-related input costs than in 2008."



CRH is a major international business with operations across Europe and the US. It is also the largest company on the Irish stock exchange.



It reported a big drop in demand in its Irish operation in the first six months of this year, saying there had been, "very significant declines in residential and non-residential construction."



Overall profits in its European materials fell sharply compared with 2008.



The Americas materials division made a small loss of €2m, hit by poor weather and lower private sector demand.



Earlier this year the company raised 1.24 bn euros for acquisitions and said it is now "beginning to see an increased flow of potential opportunities."