|
contents | business | |||||||||
| Holcim reports 3Q results Swiss cement maker Holcim said consolidated deliveries of cement decreased by 3.5 percent to 108.8 million tonnes, while consolidated sales of aggregates declined by 7.1 percent to 127.3 million tonnes in the third quarter of 2008. Ready-mix concrete volumes increased by 10.1 percent to 37 million cubic meters. Asphalt sales declined by 1.9 percent to 10.3 million tonnes. Consolidated net sales amounted to CHF 19.3 billion (–4.7 percent) and operating EBITDA to CHF 4.4 billion (–18.3 percent). Factoring out changes in the scope of consolidation totaling CHF 253 million and negative currency translation effects of CHF 446 million, operating EBITDA decreased by only 5.2 percent. The decline reflects the worsening business environment in the US, UK and Spain as well as the margin pressure in the two Indian Group companies. The operating EBITDA margin was 22.6 percent versus 26.3 percent in the first nine months of 2007. While the margin contracted in the cement sector, the Group achieved an increase in the aggregates segment. As a result of the increase in net current assets and the lower operating EBITDA, cash flow from operating activities decreased to CHF 1.7 billion. Group net income declined by 45.4 percent to CHF 2.1 billion. However, in order to compare net income to the first nine months of 2007, the one-off capital gain and special dividend totaling CHF 1.3 billion arising from the sale of the stake in South Africa in 2007 need to be taken into account. Net income attributable to equity holders of Holcim Ltd decreased by 47.3 percent. Like-for-like and excluding the one-time effects of the previous year, it decreased by 5.8 percent or CHF 119 million. write your comments about the article :: © 2008 Construction News :: home page |