Vicat sees 6% sales drop
First publishedon www.AggBusiness.com
France-based Vicat has announced sales of €398million for the first quarter of 2010 – a 6.2% decline on the same period last year.
The company has said that it is still pleased with the result given the difficult weather conditions in the US and European markets. In a statement, the company said, “Activity levels in the emerging countries remain solid, with a good performance in West Africa and confirmation of the strong recovery in Turkey. In Egypt, because of poor weather conditions and one-off issues, Vicat has experienced a slight dip in activity levels but will rapidly return to strong growth.
“On this basis, 2010 is likely to be a year of transition marked by continued strong growth in emerging countries and a gradual improvement in mature markets, where the first signs of recovery were seen in March, particularly in France and the Southeast region of the US.
“Finally, boosted by its healthy balance sheet, the group has acquired a majority stake in Bharathi Cement in southern India. This acquisition, which complements its current joint venture, Vicat Sagar Cement, reinforces the group's positioning in a market with high potential."