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Lafarge says 4th-quarter profit fell 15 percent on higher tax liability

Lafarge says 4th-quarter profit fell 15 percent on higher tax liability

Lafarge SA, the world's largest cement maker, said Friday that fourth-quarter fell 15 percent as its tax liability rose.
Net income dropped to euro276 million (US$362 million) in the three months through Dec. 31, down from euro323 million in the same period a year earlier, a company spokeswoman said.
Full-year profit rose 25 percent after the company gained full control of its North American unit. Net income rose to euro1.37 billion (US$1.8 billion) from euro1.1 billion, the company said in a statement. Sales rose 17 percent to euro16.91 billion (US$22.2 billion).
Lafarge also said it plans to buy back as much as euro500 million (US$656.1 million) of shares this year.
"We saw a strong increase in our results, with positive trends in our markets, strong organic growth and tighter cost controls," Chief Executive Bruno Lafont said. "Favorable trends continued in the fourth quarter, and our results should continue to improve in 2007."
Lafarge said earlier this month that fourth-quarter revenue rose 10 percent as the company benefited from rising demand. Total revenue for the three months through Dec. 31 rose to euro4.2 billion (US$5.5 billion) compared with euro3.8 billion in the same period a year earlier.
The figures did not include income from Lafarge's roofing business, which it is selling.
The shares dipped 0.9 percent to euro118.46 (US$155.44) in Paris.


Updated : 2021-10-20 16:13 GMT+08:00