Molins more than doubles first-half profit

Molins more than doubles first-half profit
30 July 2014

Cementos Molins recorded a profit of EUR17.9m in the first half of 2014, effectively more than doubling its 1H13 figure, on the back of its international business, said the company.

The cement company increased its overseas profit by 2.9 per cent to EUR31.6m, but its Spanish subsidiaries recorded a EUR13.6m loss, 39 per cent below the 1H13 level.

In the first six months of 2014, consolidated turnover fell 6.7 per cent to EUR248m. In Spain, revenues increased 10.7 per cent due to improved clinker exports, while Cementos Avellaneda (Argentina) and the Tunisian subsidiaries Sotacib and Sotacib Kairouan saw their takings drop by 14 per cent.

EBITDA reached EUR60.6m, up 8.8 per cent due to the Spanish subsidiaries swinging back in the black. In Latin America, the depreciation of the Argentine peso and the contraction of the Uruguay market depressed earnings.

By the end of June, Cementos Molins had shaved off EUR15m of its debt recorded in December 2013, thus supporting a net debt of EUR240m.

Published under Cement News