Holcim profits plunge 80%

Posted On Wednesday, 06 May 2009 02:00 Published by Commercial Property News
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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

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