Votorantim posts record profits in 2009

Votorantim posts record profits in 2009
19 March 2010

Brazil market-leader, Votorantim group posted record profits of BRL$4.6bn in 2009 compared to BRL$14.2m in 2008 having undergone a period or reorganisation, divesting in non-key assets and focusing in the core business.

General manager Votorantim Industrial, Raul Calfat, says the 2010 results should be even better. Net income in 2009 decreased 18% to R$28.6bn, with cement, metals, pulp and paper and agribusiness accounting for 66% of it. Jose Roberto Erminio de Moraes president Votorantim Industrial, says the group renewed the portfolio, gained scale and costs competitiveness.

Operating profit was R$5.5bn (200: R$8.4bn). Votorantim plans investments of R$4.4bn in organic expansion, while from 2006 -2009 it has invested R$25bn.

Already this year the company has purchased 21% of Portuguese major Cimpor in a part cash and part via a swap of assets with Lafarge. Carlos Erminio de Moraes, chairman Votorantim Paticipacoes says Cimpor would pave the way to globalise its cement business.

Prior to that it purchased 38,4% of cement companies in Argentina (Avellaneda) and Uruguay (Artigas).

Published under Cement News