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HeidelbergCement says 1st-half profit surged

HeidelbergCement says 1st-half profit surged

HeidelbergCement AG said Monday that its first-half earnings more than tripled as the recently acquired Hanson business contributed to earnings for the first time and with help from the sale of its stake in the Vicat cement business.
Net income for the six months through June 30 rose to euro1.3 billion (US$1.79 billion) from euro415 million in the same period a year earlier the company said in a statement. Revenue rose 13 percent to euro4.8 billion (US$6.6 billion).
During the first half of the year, sales of HeidelbergCement's cement and clinker _ a material for brickmaking derived from limestone _ rose by 13 percent to 41.1 million U.S. tons (37.3 metric million tons), up from 36.6 million U.S. tons (33.2 million metric tons) a year ago.
The growth was strongest in the Asia-Africa-Mediterranean Basin Group area, followed by Europe-Central Asia. In North America, sales volumes decreased slightly in the second quarter.
"The broad-based upturn in the global economy should continue in the second half of 2007," the company said. "Growth rates are particularly strong in the emerging countries, not only in China, but now also in India. Overall, Europe is continuing its solid growth trend."
In May, HeidelbergCement announced that it would buy U.K.-based building material manufacturer Hanson PLC for about 8 billion pounds (euro11.8 billion; US$15.9 billion).
In addition, HeidelbergCement made euro1.4 billion (US$1.9 billion) from the sale of its stake in the Vicat aggregates business.
Although the company considered Hanson results in its first-half figures, authorization from U.S. antitrust authorities and the European Commission is still required before the takeover can be deemed complete.
The shares advanced 1 percent to euro107.30 (US$147.39) in Frankfurt.


Updated : 2021-10-22 12:08 GMT+08:00