Portuguese construction group Semapa closed the first nine months of 2008 with a net profit of EUR87m, an annual decline of 11%, the group informed the national bourse regulator in a filing on Thursday.
Paper and pulp production subsidiary Portucel contributed to the overall profit of Semapa by 5% more than a year ago, and the cement producer Secil by 25% more. The good performance of Secil is explained mainly with a rise in earnings before interest, tax, depreciation and amortisation (EBITDA) and improvement of the results from financial operations.
The total EBITDA of Semapa for January to September 2008 decreased by 15% to EUR274.1m. The EBITDA margin inched down by 5.2 percentage points to 25.2%.
Sales, however, went up by 3% to EUR1.089bn.
The total net assets of Semapa stood at EUR 3.241bn at the end of September 2008, down 1% compared to end-2007. The group’s equity rose by 5% to EUR 1.101bn in the same period. The net debt reached EUR 986.2m, an increase of 11%.