Semapa’s profits hit

Semapa’s profits hit
Published: 03 November 2003

Turnover at the Semapa group, owner of the second Portuguese cement producer, Secil, fell by 17.6and#37; to Eur319.9m and the operating profit at the EBITDA level dropped by 33.2and#37; to Eur92.3m for the nine months to the end of September. The running profit, that is before exceptional items, goodwill amortisation and tax, showed a fall of 45.7and#37; to and#8364;48.8m. Net debt and financial charges rose as a result of the acquisition of the 41.06and#37; minority stake in Secil from FLS Industries and Hand#248;jgaard Holding. Weaker civil engineering activity in both Portugal and Tunisia led to lower cement and ready mixed concrete deliveries.

The Portuguese cement activities generated at turnover of Eur183.5m on the back of a sharp fall in domestic deliverers, though there was a modest recovery in the third quarter. This was partially compensated for by Secil substantially increasing its export shipments. The group's ready-mixed concrete business in Portugal produced a turnover of Eur91.5m. Sales of aggregates and mortars also declined during the period.