Holcim 1H Net profit down 56% on items; cuts guidance
Holcim lowered its full-year outlook after reporting a 56% decrease in first-half net profit on special factors, high raw material costs and currency-exchange rate effects.
The company said it is maintaining a long-term target of 5% EBITDA, but didn’t repeat that target for the whole of 2008. This year, the company said it is aiming to match the level of operating EBITDA posted in 2007 on a like-for-like basis.
Net profit for the six-months ended June 30 declined to SwFr1.07bn ($982m) from CHF2.42bn a year earlier when the figure was boosted by a CHF1.3bn windfall from a divestment in South Africa. The bottom line was broadly in line with analysts’ expectations of CHF1.09bn.
Sales fell 4.4% to CHF12.43 billion from CHF13.0 billion, exceeding expectations of CHF12.33bn.
Published under Cement News
