By Sandy Guthrie31 August 2010
Portuguese cement group Cimpor has reported that a positive second quarter this year has led to a good first half, with net profit, after minorities, of € 53,1 million for the quarter.
This figure was, however, a decrease of -4,9% on the same period last year, and the first half net profit of € 98,7 million was -7,8% compared to the first half of last year.
Cimpor - Cimentos de Portugal - said that after a first quarter marked by difficult economic circumstances and adverse meterological conditions, the second quarter of 2010 was more favourable. The group reached an operating cash flow - earnings before interest, taxes, depreciation and amortization (EBITDA) - of € 175,2 million. This was 7,6% more than in the second quarter of the previous year.
It said that in "a very difficult context for most of the world's cement groups" Cimpor had continued to demonstrate great competitiveness by achieving EBITDA in the first half of 2010 of € 298,7 million - a rise of +0,2% on the same period 12 months earlier.
Cimpor said that the performance of Brazil continued to be noteworthy, while Morocco, Tunisia and Turkey also contributed positively to the increase of EBITDA in the second quarter.
The company said that "restrained investment and operating profitability" ensured financial solidity.