Italcementi - May 2013

Italcementi's first-quarter turnover declined by 9.3 per cent to €964.8m and the running EBITDA fell by 32.7 per cent to €88.5m. The €21.3m trading profit a year earlier dropped to a €16.5m loss and the pre-tax loss jumped from €3.4m to €36.9m, though the net interest charge was 10.1 per cent lower at €25.7m. The net attributable loss jumped by 59.9 per cent to €78.2m. The net debt at the end of March was 3.4 per cent lower at €2105.9m, to give a gearing level of 51.3 per cent, compared with 45.5 per cent a year earlier. There were no gains from the sale of emission rights, compared with a €19m gain at that stage last year, while capital expenditure was reduced by 21.2 per cent to €64.5m.

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