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| Wienerberger records strong growth in first quarter of 2011 Austria's Wienerberger AG, the world's largest producer of bricks and the number one in clay roof tiles in Europe, presented sound results for the first quarter of 2011. Favorable weather across Europe at the beginning of the year and a robust new residential construction sector in a number of West European countries, above all Germany, France, Belgium and Switzerland, supported strong volume growth in nearly all the Group's markets. Revenues only declined in North America, where the still challenging operating environment was negatively affected by a severe winter. Wienerberger recorded a 41% increase in revenues to € 395.1 million for the first three months of 2011. Loss after tax was reduced from € -69.0 million in the comparable prior-year period to € -45.1 million based on a tax rate of 6.4%. Earnings per share equaled € -0.45, versus € -0.68 in the previous year. The improvement in earnings led to a € 27.2 million rise in gross cash flow to € 8.1 million. Cash outflows for investments and acquisitions roughly matched the prior-year level at € 22.1 million, whereby € 20.9 million of this amount represented maintenance and replacement expenditures. Wienerberger still had comparatively low gearing of 22%, despite a seasonal increase in net debt from € 374.5 million on December 31, 2010 to € 529.9 million on March 31, 2011. write your comments about the article :: © 2011 Construction News :: home page |