Holcim eyes record 2007 result after 9 month profit doubles

Posted On Wednesday, 07 November 2007 02:00 Published by Commercial Property News
Rate this item
(0 votes)

Holcim reported a doubling in its nine month net profit and said it expected to post a record result for 2007

Bernard Fontana holcimHolcim, the world's second-largest cement company, on Wednesday reported a doubling in its nine month net profit and said it expected to post a record result for the whole of 2007.

Holcim made a net profit of 3.9 billion Swiss francs ($3.4 billion, €2.3 billion) in the nine months to September, up 97.8% from the same period a year earlier, the company said in a statement.

"For the 2007 financial year as a whole, Holcim can once again look forward to an excellent result and attractive organic growth," with internal operating profit growth seen again above 5.0%.

"The acquisitions of recent years and the extensive program to expand capacity and boost efficiency will give the group additional growth momentum over the coming years," it added.

Holcim said the global construction market remained "robust," especially in Asia and other emerging markets.

"Increasing urbanisation, major housing shortages and the need to expand infrastructure is leading to steady demand for construction materials," it noted.

Holcim's net sales grew 15.8 percent to 20.3 billion Swiss francs in the nine months period, while net income attributable to shareholders was up 119.3% to 3.3 billion Swiss francs.

Asian sales rose 40 percent in the period, more than offsetting a 2.3 percent decline in North America linked to the crisis in the housing market.

Holcim said a "record result was in sight" with expectations that the group "will again clearly exceed its long-term growth target of five percent in internal operating earnings before interest, tax and depreciation (EBITDA)" over the full year.

Last modified on Wednesday, 03 July 2013 20:00

Most Popular

Kommetjie master plan development on the cards

Jul 11, 2020
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
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
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.