Cementir Q1 profits more than double, Italy

Cementir Q1 profits more than double, Italy
Published: 15 May 2006

Cementir, the Italian cement and concrete group, saw its pre-tax profits soar by 123 per cent, to EUR15m, during the opening quarter of 2006.

Turnover rose by 26.8 per cent to EUR217m, and the gross operating margin was up by 44 per cent to EUR36m.

A statement from the group claimed that the positive results were due to a better price/volume mix and favourable weather conditions.

The EUR9.5m acquisition of 4K-Beton, coupled with the EUR6.6m purchase of minority stakes in Egyptian subsidiary Sinai White Portland Cement Co., meant that net debt rose from EUR403.5m, as at 31 December 2005, to EUR424.9m euros three months later.