Cimpor nine-month profit seen down 27%

Cimpor nine-month profit seen down 27%
Published: 25 November 2008

Portuguese cement producer Cimpor is expected to announce a 27% YoY drop in net profit to EUR156.3m in the first nine months of 2008, the average projections of analysts polled by news agency Reuters showed on Monday.

The fall will result from the company’s increased financial costs, as well as from losses with Cimpor’s stake in local bank BCP. Cimpor’s 48% owned company C+PA holds 2.2% in BCP.

Cimpor’s nine-month sales are seen to increase by 6.3% to EUR1.55bn, thanks to the good operating performance in Brazil, Morocco, Tunisia and Egypt, which should have more than compensated the poor results in Portugal.

Earnings before interest, tax, depreciation and amortisation (EBITDA) are seen falling 7.7% to EUR 431.5m, on the back of the worsening margins in Portugal, Spain and South Africa.