Lisbon, Portugal, 9 Nov – Performance in Mozambique and in Brazil led to profits at cement group Cimpor – Cimentos de Portugal increasing 6.1 percent in the first nine months of the year to 180.8 million euros, the group said in a statement issued Tuesday in Lisbon.
Despite the improved consolidated result from January to September, between June and September Cimpor posted a drop in profit of 32.3 percent to 48.6 million euros, the group said in a statement filed with Portugal’s stock market regulator, Comissão do Mercado de Valores Mobiliários (CMVM).
The company explained that performance in the third quarter of this year had been affected by “contraction of the domestic market (in Portugal) due to the economic climate and in Egypt due to political and social instability and increased competition.”
However, it noted, “the continued good performance of Brazil and notable EBITDA growth in Mozambique – due to improved industrial performance made it possible to take advantage of strong demand – led to Cimpor continuing to post very positive results over the year.”
According to the interim consolidated financial report for the third quarter, the group increased its turnover by 3.6 percent in the first nine months of the year to 1.741 billion euros.
In terms of the group’s investment plans in Brazil, via which Cimpor plans to increase its cement production capacity by 50 percent in the country using its own clinker, “the main production equipment for the new Caxitu factory and the new production line at the Cezarina factory has been chosen,” the group said. (macauhub)