By Joe Hoppe
Kingspan Group PLC said Friday that its pretax profit declined 15% for the first half of 2020 and revenue fell amid the coronavirus pandemic,
The Ireland-based building and insulation materials company said pretax profit was 177.5 million euros ($210.5 million) compared with EUR208.9 million for the first half of 2019. The company said performance varied substantially from region to region depending on the severity and length of government restrictions to curb the spread of Covid-19, but that it was helped by a rapid introduction of cost-cutting measures.
Revenue was EUR2.07 billion compared with EUR2.24 billion the year before.
The board didn't declare an interim dividend in order to conserve cash, and said its medium-term dividend and shareholder-returns policy remains under review.
"With over EUR1.0 billion in cash and undrawn facilities we are well placed to come through the crisis in a strong position," Chief Executive Gene Murtagh said.
Kingspan said that while it expects the global market to generally be tougher post-coronavirus, it remains agile and well-funded enough to navigate the crisis.
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