Polpaico 1H07 profits drop 37%
Chilean cement producer Polpaico’s consolidated net profits fell 37.5% to COP6.32bn (US$12m) during the first half of 2007 compared to the same period the previous year, the company reported to securities regulator SVS.
Revenues for the first six months of 2007 were down 9.1% at COP63.0bn.
Operating profits also sunk 26.9% to COP9.14bn in the first six months of the year.
Cement sales decreased by 7.3%, the company reported without mentioning specific tonnage.
At the same time, industry-wide cement production increased by 5.5% in the first half this year. Polpaico’s market share decreased from 35.5% at end-June 2006 to 31.1% by end-1H07.
The company, controlled by Holcim, had a 34% share in the domestic market at end-2005. Published under Cement News
