Banif sees Cimpor profit down 6% YoY in 2010

Banif sees Cimpor profit down 6% YoY in 2010
Published: 01 March 2011

Banif estimates Portuguese cement producer Cimpor to have closed 2010 with a 6% YoY decline in net profit to EUR223m (USD 308.6m).

Rises in financial costs and taxes are seen to have penalised the earnings of the company.

The revenue, however, is projected up 8% on the year to EUR2.24bn in 2010.

The investment bank calculates Cimpor’s earnings before interest, tax, depreciation and amortisation (EBITDA) at EUR 624m, up 3%.

Banif does not forecast the 2010 results to drive the shares. The bank advises "buy" on the stock with a share price target of EUR 6.10.

Cimpor will release its last year’s earnings tomorrow.