Portuguese cement producer Secil Group, 51% owned by local diversified holding group Semapa, closed the first half of 2010 with a turnover of EUR 273.1m (US$347.7m), down 6.7% YoY.
The result was penalised by the performance in Portugal and Angola, according to Semapa’s filing with the Portuguese bourse regulator CMVM sent on Friday.
Secil’s turnover in Angola dropped by 52% in the six-month period, due to the reduced sales volume and the lower average prices. The lower sales in Portugal were offset by larger exports.
Apart from Angola, Secil is also present in Tunisia and Lebanon. In Tunisia the turnover was down 5.5% while that in Lebanon it inched up by 2.3%.
Secil contributed EUR139.3m to the overall turnover of Semapa between January and June 2010.