Ciments Francais, a subsidiary of Italy’s Italcementi announced yesterday a drop in net profit of 42.8% in the year in the third quarter of 2011 to EUR 49.6m. Sales fell by 7.9% to EUR940.9m.
Over the first nine months of 2011, revenue dipped 3.8% on the year to EUR 2.9bn, while operating profit plunged 25.2% to EUR 294.9m. Net attributable profit, on the other hand, rose to EUR 231.1m from EUR 167.3m a year before.
Net financial debt narrowed to EUR 1.17bn on September 30, from EUR1.41bn at the end of December 2010.
The company will launch by the end of 2011 a plan aimed at cutting fixed costs and improving productivity.
The full-year results will register a deterioration, but the net profit will include a capital gain from the sale of activities in Turkey, Ciments Francais said.