Italcementi’s 92% drop in net profit

Italian cement maker Italcementi has posted a 92% drop in its total nine-month net profit, as sales were hit by a downturn in the mature west European markets and higher competition in North Africa. The drop in sales was only in part offset by a strong rise in Asia, while business in North America was stable, the company said in a statement. Europe's fifth largest cement maker by volumes said its nine-month total net profit was €17.1 million. After minorities, the company posted a loss of €39.7 million. Rev
November 9, 2012 Read time: 1 min

Italian cement maker 726 Italcementi has posted a 92% drop in its total nine-month net profit, as sales were hit by a downturn in the mature west European markets and higher competition in North Africa.

The drop in sales was only in part offset by a strong rise in Asia, while business in North America was stable, the company said in a statement.

Europe's fifth largest cement maker by volumes said its nine-month total net profit was €17.1 million. After minorities, the company posted a loss of €39.7 million. Revenues fell 4.4% to €3.396 billion.

Looking ahead, Italcementi said fourth-quarter earnings before interest and tax (EBIT) should be in line with that of the same period of 2011.

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Italcementi records profits drop

Italy-based Italcementi has reported that slow markets in Spain, Italy and Bulgaria have contributed to a 4.7% decline in sales to €3.6billion for the first nine months of the year. The company has said that there was a positive trend in its business in China, Thailand and Kazakhstan but this failed to offset the declines elsewhere. Net profits at the company are also down 39.7% from the same period in 2009 at €133million.

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