Cementir managed to increase turnover in the first half by 4.0% to EUR575.5m. The group has performed well in Italy, helped by re-commissioning of the kiln at the Arquata Scrivia works.
Domestic volumes in Denmark showed a slight reduction. Lower domestic cement demand in Denmark and Turkey has led to increased exports to Russia across the Baltic Sea and the Black Sea respectively. Shipments of grey and white cement in the period rose by 1.5% to 5.36Mt. Sales of aggregates jumped by 31.4% to 2.19Mt, but ready-mixed concrete deliveries declined by 5.8% to 2.17Mm³. A re-organisation in the Aalborg Portland group has reduced the profit by EUR3m, but this should produce savings in the order of EUR15m in 2009.
Work has now started on expanding white cement capacity in Egypt as well as on building a new white cement works in China. The net debt at the end of June stood at EUR482m to give a gearing level of 45.8%.