Cementos Portland Jan-Sep 2010 profit down 87.8% YoY

Cementos Portland Jan-Sep 2010 profit down 87.8% YoY
Published: 12 November 2010

The attributable net profit of Spanish cement producer Cementos Portland Valderrivas for the nine months through September 2010 crashed by 87.8% on the year to EUR 4.3m (US$5.9m), the company told the national stock market regulator CNMV today.

Revenue came in at EUR681.5m, losing 14.9% on the year. The worsened performance was chiefly due to the weak cement consumption, slow recovery of the sector and reduced public work orders in Spain.

EBITDA came in at EUR159.4m, an annual plunge of 30% for January-September, while the earnings before interest and tax (EBIT) slumped by 44.7% to EUR59.1m.

Net debt came in at EUR1.407bn at the end of September 2010, down by EUR49m compared with end-June.