Cimpor Q1 net falls 15 per cent

Cimpor Portugal said net profit fell 15 per cent to €67m in the first quarter to March from € 78.8m a year earlier, in line with analysts forecasts for €66-70m.

In a statement, Cimpor said the fall in net profit is ’entirely explained’ by a one time gain of €14.7m booked in the first quarter of last year from the sale of a stake in Cementos Lemona.

EBITDA increased 1.6 per cent to €140.8m ’In spite of the depreciation of almost all currencies against the euro and the substantial increase in energy costs,’ the group said.

The EBITDA growth was in line with forecasts for €139-145m and was mainly fuelled by growth at Cimpor’s concrete and aggregate segments in Spain and a recovery of activity in Mozambique, the company said.