Lafarge Ciments 1H profit down 2.8%

Lafarge Ciments 1H profit down 2.8%
Published: 30 September 2010

Lafarge Ciments posted lower first-half profit and sales, as power and materials costs rose and economic slowdown hit demand for cement.

Casablanca-based Lafarge Ciments, a listed subsidiary of Lafarge and Moroccan partner SNI, made a net profit of MOD953m (US$114m), down from MOD980m, on revenue down one per cent at MOD2.789bn.

Analysts said the company and its rivals Holcim Maroc and Ciments du Maroc were grappling with a stagnant market since last year after years of growth fed by infrastructure upgrades, low-income housing projects and a tourism boom.