Dublin-owned building materials firm Readymix has reported a 39% fall in first quarter revenues.

It is believed this drop worked out at a €3.9m pretax loss.

According to management, the loss was a slight improvement on the €4m loss posted for the same period last year.

Revenues were lower due to a fall in volumes across all markets, said the firm.

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Cost saving measures have been introduced by Readymix, who has reduced staffing by 28%.

Top managers have also taken a 10% sales cut, with the remainder of staff pay falling by 5%.

Capital spending in the first quarter was down 95% on the same period in 2008.

Readymix expects revenues to continue to fall during the rest of the year.

This is expected to be driven by poor volumes "due to limited infrastructure spending and reduced demand from housing and commercial construction".

The company has a positive cash balance of €1.2m.

(PR/JM)