Cementir’s turnover edged ahead by 0.1% in the first nine months to EUR860m, but actually declined by 6.9% in the third quarter.
Volumes have begun falling in the group’s principal cement markets of Denmark, Turkey and Italy, while energy costs continued to rise. This led to a 16.6% reduction in the EBITDA to EUR173m, while the pre-tax profit fell by 35.3% to EUR102m.
Investments are currently under way in both Italy and Turkey to make use of alternative kiln fuel in some of Cementir’s works there. Sales of grey and white cement declined by 2.0% to 8.07Mt, while ready-mixed concrete deliveries were down by 9.1% in the period to 3.13Mm³.
Shipments of aggregates, on the other hand, increased by 28.4% to 3.31Mt, helped, in part, by the acquisition of Kudsk & Dahl in Denmark. Net debt at the end of September was 20.5% higher than a year ago at EUR471m, reflecting investments in additional production capacity and the acquisition just mentioned.