Holcim profits plunge 80%

Posted On Wednesday, 06 May 2009 02:00 Published by Commercial Property News
Rate this item
(0 votes)

Holcim says net profit plunged 80% during the first quarter, hit by a decline in business from Europe and North America.

Bernard Fontana holcimZURICH - Holcim, one of the world's biggest cement-makers, on Wednesday said net profit plunged 80% during the first quarter, hit by a decline in business from Europe and North America.

Net profit fell to 74 million Swiss francs ($65 million, €49 million) compared to 370 million francs during the first three months of 2008, while sales tumbled 17.9% to 4.5 billion francs.

"Business in Europe and North America strongly suffered from the economic downturn and the severe and prolonged winter," said the group in a statement.

The next few months would indicate how much of the slump could be attributed to the hard winter as opposed to the economic slowdown, it added.

"The global crisis combined with the weather-related sluggish start to the new year in many construction markets confirms that 2009 will turn out to be a difficult year," said the Swiss-based group.

Last modified on Wednesday, 03 July 2013 19:42

Most Popular

Kommetjie master plan development on the cards

Jul 11, 2020
Cape_Farm_1529_Preferred_Layout
A new mixed use development is being planned near the landmark Imhoff Farm in Kommetjie,…

Redefine Properties appoints Diane Radley to board of directors

Jul 21, 2020
Diane_Radley
JSE-listed diversified Real Estate Investment Trust Redefine Properties (JSE: RDF) has…

Will the repo rate hold or fall? Experts divided

Jul 13, 2020
South African Reserve Bank
Experts are divided on whether the South Africa Reserve Bank (SARB) Monetary Policy…

Commercial Rental Market Survey sees declining market activity and rising vacancy rates in Q2 2020

Jul 10, 2020
John_Loos_fnb
In this report, we discuss the 2nd quarter 2020 results of the rental market component of…

Lower house prices in the Western Cape behind renewed interest from first-home-buyers

Jul 16, 2020
Carl Coetzee CEO of BetterBond
Property in the Western Cape is regarded by many as among the most expensive in the…

Please publish modules in offcanvas position.