Another company down the toilet

[Green_Bear]

DUBLIN, Oct 18 (Reuters) - Ireland’s Qualceram Shires (QLC.I: Quote, Profile , Research) warned on Thursday that 2007 results would miss earlier guidance due to the slowing Irish property market, knocking more than 20 percent off shares in the bathroom suite maker.
“Taking into account the financial performance of the group for the month of September and the anticipated continuing trend into October and beyond, Qualceram has reduced its view of the full year outcome,” the company said in a statement.
Qualceram (QLC.L: Quote, Profile , Research), which also pointed to higher interest rates as a concern, said it expected 2007 group turnover to be 8 to 9 percent below current market expectations and saw full-year pretax profit at about 2.4 million euros ($3.4 million).
That would be only slightly higher than the 2.1 million euro profit achieved in the first six months of this year and down from a 3.9 million euro profit before tax for the full-year in 2006.
“We continue to operate in the very challenging environment of increased competition, energy costs and interest rates, aligned with a noticeable slowdown in the Irish housing market,” Chief Executive John O’Loughlin said. >>>>

UPDATE 1-Qualceram warns on Irish property slowdown impact
investing.reuters.co.uk/news/art … DATE-1.XML

[Green_Bear]

Qualceram Shires Plc, an Irish maker of ceramic bathroom sinks and toilets, said first-half sales will probably decline by 30 percent as Irish homebuilding slumps.

Market conditions in Ireland and the U.K. remain challenging,'' the Arklow, Ireland-based company said today in a Regulatory News Service statement. Sales have been affected bya significantly lower level of housing starts’’ and cooling economic growth, it said.

Qualceram also said it continues to evaluate a takeover approach it received in March. It didn’t provide further details. The company’s profit fell 30 percent in the first quarter after dropping by 49 percent last year. (Bloomberg)

Qualceram sees first-half sales falling 30% as building drops
independent.ie/business/iris … 73016.html

[chalice]

I dont think these guys even did well during the construction boom!

[magoko101]

As the sultans of ping would say… “thanks, armitage shanks!”

I’ll get my coat…