Italcementi profits drop by over €100mn in 2011
First publishedon www.AggBusiness.com
Italian construction material specialist Italcementi says its net profits fell by over €100million in 2011 - to €91.2million from €197.1million in 2010.
Further figures reveal the company's EBIT has dropped from €370.2million to €129million. Italcementi says this is largely due to the value adjustments performed on its operations in Italy, Greece and Spain. And the firm expects its results to improve in 2012 thanks to €45million of efficiency savings made in 2011, forecast to ensure savings of more than €1billion over the next five years.
Italcementi has decided to keep its ordinary share dividend stable at €0.12 per share and increase its preference share dividend from €0.12 to €0.1864 per share.