Heidelberg Cement reports Q3 pluses
First publishedon www.AggBusiness.com
Heidelberg Cement has posted a better-than-expected adjusted operating profit in the third quarter of 2011 with growth in Asia-Pacific and Africa helping to offset rising energy costs.
The group said that its third-quarter operating operating income before depreciation (OIBD) rose slightly to €778million, up 0.1% compared with same quarter of previous year).
Profit for the first nine months rises to €404million (+8.6% compared to the previous year).
The figures show that sales volumes of cement increased by 11.9%; aggregates by 4.1% and ready-mixed concrete by 8.9% compared with the same quarter in 2010.
Group turnover at €3.6billion was 6.6% up compared with same quarter of previous year, and the group’s FOX 2013 savings programme exceeded expectations with some €251million in cash savings already achieved.
The group says it is well prepared for continuing volatility of financial markets: net debt reduced to €8.5billion with successful refinancing of maturities in difficult market environment,
Its targets and outlook for 2011 remain unchanged.
“Economic recovery continues at a lower pace [with] no recession expected in North America and Europe, provided the European Summit decisions are implemented.”