Cementos Portland to close 2010 in profit

Cementos Portland to close 2010 in profit
Published: 07 May 2010

Despite a first-quarter loss, Spanish cement producer Cementos Portland Valderrivas, expects to close the year with a profit, the company said yesterday.

The company plans to end 2010 in line with the profit of 2009, namely EUR24m (US$30.5m). There have been positive signs of recovery since the second half of March and Cementos Portland expect to return to profit in the second quarter of 2010.

Yesterday, Cementos Portland reported an EUR-8.6m net loss for the first quarter of 2010 versus a net profit of EUR7.5m a year ago.

Revenue went down by 22.8% to EUR191.3m for January to March. The decline was due to the sharp fall in the construction business and the cement demand in the USA and Spain. Sales, however, showed a recovery in the second half of March, a trend which was observed in April as well, the firm said.