St Lawrence profits from housing boom

A strong housing and construction sector helped boost St Lawrence Cement Group Inc’s profit and revenue in the third quarter. The cement producer reported yesterday it earned $42.5m or $1.02 a share for the three months ended September 30. That compared with a profit of $39.2m or 94 cents for the same period last year.

Sales rose 4.8 per cent to $449.3m from $428.6m last year. The company said its higher sales reflect a strong construction services market, growth in cement sales and a price increase in the US market during the quarter. Those factors more than offset declines in sales of sand and gravel and ready-mixed concrete.

Looking ahead, St Lawrence said it expects cement demand to fall in Quebec and Ontario as well as in the United States.