Italcementi’s revenue falls slightly before takeover

Byjirong

Updated Thu, 04 Aug 2016 18:12:05 GMT

Italy: Italcementi’s sales revenue has fallen by 2.1% year-on-year to Euro2.12bn in the first half of 2016 from Euro2.17bn in the same period in 2015. Its sales volumes of cement rose by 2.8% to 22.3Mt from 21.7Mt. Earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 44% to Euro177m from Euro316m. The cement producer blamed the revenue drop on negative currency effects, although sales volumes rose notably in North America. Its fall in EBITDA was attributed to group restructuring costs and an impairment on operations in Belgium for approximately Euro320m.

HeidelbergCement’s acquisition of Italcementi is expected to complete in the second half of 2016.