Semapa higher as Q1 net improves

Semapa higher as Q1 net improves
Published: 01 June 2005

Shares in Semapa SGPS rose after the industrial holding company said net profit edged up 2.59 per cent to Euro 12.0m in the first quarter from Euro 11.7m a year earlier, boosted by major changes in its holdings, dealers said.  Over the past year, Semapa has sold 49 per cent in its Secil cement unit to enable it to take over paper maker Portucel Empresa Produtora de Pasta e Papel SA.  Consolidated sales, which still include 100 per cent of Secil as well as 67.1 per cent of Portucel and 89.9 per cent of Semapa’s Enersis renewable energy business, grew 240 per cent to Euro 365.0m from Euro 106.5m in the latest quarter from a year earlier and operating profit swelled 286 per cent to Euro 52.9m from Euro 13.7m.