Italcementi's first-quarter turnover declined by 6.8% to €1071.7m, though the running EBITDA was off by just 3.1% to €126.7m. The trading profit, however, fell by 41.4% to €21.3m and, at the pre-tax level, there was a €7.8m loss, compared with a €24.1m profit, after a net interest charge 66.1% higher at €27m. At the net attributable level, there was a swing from a €80.7m profit, thanks to capital gains last year, to a loss of €49m. The net debt at the end of March was 4.1% higher at €2179.1m, giving a gearing level of 45.5%, compared with 42.8% a year earlier. The sale of emission rights yielded €13m in the quarter, compared with €9m booked that time last year.