Cimpor says rising financial costs and conditions in overseas markets, such as Brazil and Spain, were behind its 18.1% fall in profits in 2011.
The Portugese cement firm made €198.1million profit last year, after analysts had anticipated the company would record €212.5million profit.
Further figures released by Cimpor show its fourth quarter year-on-year profits dropped by 75.7% to €17.3million. However, overall sales increased year-on-year by 1.6% in 2011, reaching €2.28billion, whilst Ebitda fell by 2.2%, standing at €616million. Sales of cement and clinker fell by year-on-year by 2.7% in 2011.
