Cementir’s turnover improved by 13.2% to EUR450.9m in the first half, while the EBITDA declined by 5.0% to EUR47.6m, as higher energy costs had to be absorbed. The trading profit fell by 22.9% to EUR12.3m and a pre-tax loss of EUR1.9m was incurred. The net debt at the end of June stood at EUR359.2m, 4.2% lower than a year earlier, giving a modest gearing of 36.0%.
A good trading performance was achieved in the Nordic area and in Turkey and the increased capacity in China also boosted sales. On the other hand, Italy was still suffering from the effects of the economic deterioration and Egyptian output was restricted by social and political problems.
The outlook for the second half is more promising, with continued good performance expected from Scandinavia and Egypt and improving conditions in Italy and Egypt.
The grey and white cement volume improved by 6.7% to 5.22Mt, thanks to the higher volumes in the Nordic area, Turkey and the Far East. The workforce was 0.5% lower that a year earlier at 3322.