Italy’s No. 2 cement group Buzzi Unicem forecast lower 2010 results due to price pressures in its Italian, U.S. and Russian markets, outweighing a recovery in sales volumes.
Buzzi, which also operates in Eastern Europe and Mexico, said construction activity may recover strongly from the spring after a harsh winter helped sent its core earnings down 65 percent in the first quarter.
"Given an unsatisfactory first quarter, we ... confirm expectations for lower (2010) operating results and net profit," Buzzi said in a statement.
The company reported first-quarter EBITDA of EUR13.9m (US$17.7m) and said its net loss widened to EUR52.9m from EUR42.9m on higher financial charges and taxes.