Cementos Molins forecasts 2010 profits ?unchanged'

According to CEO Joan Molins, profits of the Spanish cement producer 4709 Cementos Molins should remain at similar levels to those in 2009, despite the industry's outputs in Spain dropping to 28million tonnes over two years, half of what was recorded in 2007.

Profits of the company should be of some €56million in 2010, and dividends should be at similar levels than those in 2009, after they were cut to €0.24 per share.

Meanwhile, the company has decided to move on with its current investments plan, and raise it by €280million extra.

Despite the national market sinking 50% during the last two years, specially after a reduction on public work projects, Cementos Molins has decided to put aside any workforce restructuring operation.

Some of the new investments that the company will be involved in include the last stage of the €118million Sant Vicenc dels Horts plant, which is due to open in June. The plant includes the latest technology in energy savings and it is expected to reduce its energy bill by 20%.

The only problem the company is facing now involves its plant in Bangladesh, which has currently stopped production while its stone supplier solves some legal issues.