Cementir’s pre-tax profit falls by 62.6%

Cementir’s pre-tax profit falls by 62.6%
Published: 06 November 2009

Cementir’s turnover for the nine months to the end of September declined by 26.8% to €630m, a slightly lower rate of decline than what had been seen during the first half. 

The EBITDA was down by 42.2% to €100m and the trading profit dropped by 65.7% to €40m and the pre-tax profit by 62.6% to €38m.  Costs have been cut, raw material and transport costs being down by 25.4%, staffing levels being reduced by 10.5% to 3,509 people and other costs being reduced by 31.5%.  Net debt came down by 13.8% compared with a year earlier to stand at €406.6m. 

The only major capital project still in hand is the 0.6Mta white cement plant being built in China, which should be completed at the very end of this year or early in 2010.  Shipments of grey and white cement in the nine-month period declined by 10.0% to 7.3Mt while the aggregates tonnage was off by 9.3% to 3.01Mt.  Ready-mixed concrete shipments showed the largest decline, with a 27.2% reduction to 2.28Mm³.