Portugal Cimpor Jan-Sept 2004 Profit Seen at 122.6m Euro

Portuguese cement company Cimpor - Cimentos de Portugal might post a net profit of 122.6m euro ( US$157.3m) for the first nine months of 2004, down 17.7 per cent year-on-year, according to projections of Portuguese bank Millennium bcp reported on November 4, 2004.

Cimpor’s January to September 2003 net profit totalled 149m euro (US$191.1m).

Millennium bcp sees also Cimpor turnover at 1.038bn euro (US$1.331bn), against the 1.028bn euro (US$1.319bn) generated over the same period a year ago. As for the earnings before interest, tax, depreciation and amortisation (EBITDA), the bank expects they will total 349.5m euro (US$448.3m), compared to 396.4m euro ( US$508.4m).

Millennium bcp maintained its "reduce" medium risk recommendation rating on Cimpor shares and the price target of 4.1 euro (US$5.26) per share.