Cimpor secures funding

During the first half of 2012, the Portuguese cement company Cimpor registered losses of €204.80 million compared to profits of €132 million during the same period the previous year. According to the company this is directly linked to the economic crisis in Spain and Portugal, which had an effect on its accounts of €290 million. Without those adjustments, Cimpor would have registered a €85 million profit. Additionally, half-year revenues decreased by 5.5% to €1.086 billion

At the end of 2011, revenues of the Portuguese cement company Cimpor in Brazil should account for 25% of the company’s total. The total operating revenues should amount to €733 to the end of 2011, and consolidated operating revenues should account for €2.305 billion, according to a report conducted by bank Millennium Investment Bank. This represents an increase of 2.9% on 2010. In Brazil, Cinpor's operating revenues increased by 20% in 2011.

Brazil-based steel maker Companhia Siderúrgica Nacional (CSN) has said that it is considering a new attempt to acquire Portuguese cement producer Cimpor. The company failed in its takeover of Cimpor in February this year. Announcement of the renewed attempt may have been driven by Cimpor’s announcement of a 12% rise in sales for the first half of the year to €608million following a 51% increase in revenues from its operation in Brazil.