Cimpor 4Q net profit up 21%

Cimpor 4Q net profit up 21%
Published: 02 March 2011

Portuguese cement maker Cimpor posted a 21 per cent rise fourth-quarter net profit, beating expectations as strong sales in Brazil and Turkey offset weakness in the Iberian market.

"Brazil and Turkey were the countries which contributed most for cement and clinker sales increases, while China also contributed and became the third-largest market in sales volumes," Portugal’s largest cement maker said on Tuesday.

Cimpor said net profit rose to EUR71m ($98 million). Fourth-quarter revenue grew 9.4 per cent to EUR559m. EBITDA rose four per cent to EUR155m.

The company said sales fell six per cent in its home market and 22 per cent in Spain. The construction sector has been one of the hardest-hit by the financial crisis in the Iberian countries.