Portuguese cement producer Cimpor said early Tuesday its second quarter net profit fell five per cent on the year due to higher corporate taxes.
Cimpor, as the company is also known, said its second quarter net profit dropped to €53.1m, compared to €55.9m a year earlier.
The corporate tax in the period jumped to €36.9m from €18.6m a year ago, Cimpor said.
Cimpor’s first-half net profit fell eight per cent, to €98.7m.
However, revenue increased 12 per cent, to €608.4m, while earnings before interest, taxes, depreciation and amortisation, or Ebitda, rose eight per cent to €175.2m.
By business area, the company’s performance in Brazil was noteworthy, Cimpor said, as the market growth and the appreciation of the Brazilian real in relation to the euro have increased the EBITDA contribution of this country from the previous year. Also, operations in Morocco, Tunisia and Turkey showed improvement.