Lisbon, Portugal, 14 Nov – Net Profit at Portuguese cement company Cimpor rose 9 percent year on year from January to September of 2006 driven by the positive results of some of its foreign subsidiaries, the group said in Lisbon Monday.
Cimpor, which operates in 10 countries, the most recent of which is China, posted net profit of 214 million euros in the first nine months of the year with sales growth of 8 percent.
According to a statement issued by Cimpor, international sales were responsible for the positive figures presented as in Portugal, “the construction market continues to be in severe crisis.”
Sales of cement and clinker, for example, rose 2.3 percent to 15.5 million euros, with significant rises in Morocco (17.9 percent), South Africa (13.4 Percent), Tunisia (9 percent) and Brazil (8.1 percent).
Its performance in Brazil, Egypt and South Africa were particularly important for the group’s turnover due, “to the joint effect of market development and, in the first two cases, the increased value of the local currency against the euro,” the company said.
On October 16 Cimpor said it had acquired 60 percent of the Shandong Liuyuan New Type Cement Development Company for 2.1 million euros in cash.
The acquisition of the cement company was carried out through subsidiary Cimpor Chengtong Cement Corporation (CCCC), 80-percent owned by Cimpor Inversiones and the remaining 20 percent by the China Chengtong Cement Group (CCCG). (macauhub)