Italy Cementir 1Q08 pre-tax profit at EUR3.8m

Italy Cementir 1Q08 pre-tax profit at EUR3.8m
Published: 09 May 2008

Italian cement group Cementir Holding SpA, a unit of local construction company Caltagirone, posted a pre-tax profit of EUR3.8m (US$5.9m) for the first quarter of 2008 compared to EUR26m (US$40.1m) a year earlier.
 
The revenue rose 3.2 per cent to EUR245m (US$377.9m) from EUR237.4m (US$366.1m). The figures were approved by the board of directors, chaired by Francesco Caltagirone Jr. EBITDA dropped to EUR38.7m from EUR44.6m (US$68.8m) because of the ceased work at the plant in Edirne, northwestern Turkey, and the slowdown of the concrete market as well as the hike of energy costs.
 
The shareholders’ meeting approved the change of the company’s name to Cementir Holding Spa from Cementir-Cementerie del Tirreno and the distribution of 1,225,000 options to the company’s top executives.