Italcementi 2007 revenue up 4.2% on improved sales

Italcementi 2007 revenue up 4.2% on improved sales
05 February 2008

Italcementi SpA said late Monday its full-year 2007 revenue rose 4.2%, thanks to improved sales and the consolidation of operations in India as well as new acquisitions.  
In a statement sent to the Italian stock exchange, the company said its 2007 revenue increased to EUR6.1bn from EUR5.85bn the year before.  
Full-year sales in western Europe rose 2.8 per cent to EUR3.766bn and fell 8.2 per cent to EUR605.7m in North America, while sales in eastern Europe and the Mediterranean area rose 10.1 per cent to EUR1.217bn and jumped 23 per cent to EUR444.3m in Asia.

Results benefited from acquisitions in China, Kuwait, Egypt and North America. On a like-for-like basis, revenues rose 3.5 pct while both cement and concrete sales volumes slightly declined, it said.

Italcementi added that despite a slowdown in sales volumes in the fourth quarter, the company’s outlook for the full year is not expected to be altered.  
Regarding the investigation into its  Calcestruzzi SpA subsidiary, following the recent arrest of its chief executive Mario Colombini on suspicion of fraud and collusion with the Mafia, the company said its board rejects the allegation that Calcestruzzi is connected in any way to organized crime.  
Calcestruzzi’s consolidated revenues amount to approximately EUR560m and account for approximately 9% of  Italcementi’s total turnover.  
The company said its full-year 2007 earnings report will be examined by its board on March 6 and will be released the following day prior to the market open.  
Published under Cement News