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| Italcementi's net profit dips in first nine months Italy's biggest cement maker Italcementi Board of Directors examined and approved the consolidated quarterly report as at September 30, 2009, which reflects a total net profit of 221.4 million euro for the nine months. During the third quarter of 2009, the signs of a recovery shown by some macroeconomic indicators were of only very marginal interest to the construction sector. Under these conditions, Group sales volumes were down on the year-earlier period in all the core businesses. Revenues at 1,261.7 million euro (1,493.3 million euro in Q3 2008) were penalized by the slide in sales and, to a lesser extent, by a negative price effect, and decreased at a rate in line with the first half of the year. Recurring EBITDA (290.3 million euro) and EBIT (167.3 million euro) reflected a smaller reduction than in the first six months, benefiting from the notable fall in variable costs (relating to fuel) and in fixed costs. As in the first half of the year, action continued to contain fixed costs and to recover industrial efficiency. Total net profit amounted to 94.1 million euro, compared with 107.6 million euro in the third quarter of 2008. In the first nine months, sales totaled 42.2 million metric tons in the cement and clinker sector (-12.7%), 29.7 million metric tons in aggregates (-19.7%) and 8.4 million cubic meters for ready mixed concrete (-21.6%). Italcementi reported consolidated revenues of 3,847.5 million euro, down from 4,419.4 million euro in the year-earlier period. The largest decreases were in Central Western Europe and North America, while the downturn was more contained in Asia; conversely, revenues improved in the Southern Med Rim, thanks to progress in Egypt and Morocco. write your comments about the article :: © 2009 Construction News :: home page |