Lafarge’s Heracles General Cement Company SA said its first quarter net earnings after taxes fell to EUR1.3m from EUR18.7m booked over the same period last year.
The company attributed the decrease to higher fuel and power costs as well as the unfavorable comparison to 1Q07 where a one-off gain was booked from the sale of its participation in Metropolitan Car Enterprises.
Sales for the period edged 2.5 per cent higher from last year to EUR168.4m while EBITDA fell to EUR23.1m from EUR37.7m registered in 1Q07.
It added that results are not indicative of full year results, due to the seasonality of demand in its product.
The company said it will continue to cut costs and improve efficiency. Its plans to implement alternative fuels is expected to reduce both carbon emissions and energy costs in the future.