Cementir expects 2011 results to be in line with last year

Cementir expects 2011 results to be in line with last year
Published: 19 April 2011

During an Ordinary Shareholders’ Meeting of Italian-based Cementir Holding, company chairman Francesco Caltagirone Jr, highlighted the recovery in revenues of the group in the first quarter of 2011, which saw a 20% YoY increase, despite a further slowdown in the Italian market. For 2011, however, results are expected to be basically in line with 2010, due to the trend of energy costs, of the Italian market and of the uncertainty in Egypt.

The chairman also mentioned ongoing projects in the field of waste management in Turkey, where the company plans to invest about EUR 60m over the next three years, with an estimated profit of EUR16m per year.

With reference to plans to completely rebuild the production plant in Taranto, where the company plans to invest about EUR 150m over the next three years, the Chairman said work will begin as soon as the approval process is completed, which is expected to happen in the coming weeks.