Spanish market leader Cementos Portland Valderrivas saw its turnover decline by 14.9% to €681.5m in the first nine months of 2010, with the EBITDA being down by 30.9% to €159.4m and the trading profit (EBIT) falling by 47.7% to €59.1m.
The net attributable profit dropped by 87.8% to €4.3m, which represents a net margin of 0.6%. The turnover contribution from Spain came down from 71.6% to 67.4% of the group total, while the USA improved from 13.3% to 14.4% and Tunisia from 8.2% to 9.8%, while Great Britain improved from 3.9% to 4.2%. The share of turnover coming from cement improved from 65.8% to 67.1%, as that from ready-mixed concrete declined from 23% to 21.1%, but the contributions from aggregates and mortars were little changed at 3.9% and 4.3% respectively.
Group cement deliveries declined by 9.4% to 7.56Mt, with exports of cement and clinker from Spain increasing as the group endeavoured to get the maximum return from its assets. The deterioration in the downstream volumes were generally more pronounced, with aggregates shipments falling by 12.6% to 10.79Mt and ready-mixed concrete deliveries by 13.8% to 3.08Mm³ though mortar sales were down by a more modest 7.9% to 0.74Mt.