Italy: Cementir Holding’s net profit rose to Euro77m in the first half of 2018, a massive 400.5% increase compared to just Euro15.5m in the first half of 2017. Revenues increased by 5.7% to Euro588.5m from Euro556.9m in the first half of 2017. Earnings before interest, tax, depreciation and amortisation (EBITDA) improved by 9.5% to Euro96m from Euro87.7m in the first half of 2017. The impact of the devaluation of the main foreign currencies against the Euro on the gross operating margin had a negative effect of Euro7.9m. At constant exchange rates, EBITDA in 2017 would have amounted to Euro103.9m.
Chairman and CEO Francesco Caltagirone Jr explained that the results were up compared to the first half of 2017 also on a like-for-like basis, without the effect of the acquisition of Lehigh White Cement Company in the United States. The improvement in the gross operating margins in Turkey, Belgium and China, offset the worsening results in Egypt, Norway, Malaysia and Denmark. The results were also negatively affected the unfavourable winter weather conditions in the first quarter in Scandinavia and Belgium, as well as the earlier timing of Ramadan in Turkey and Egypt.