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Swiss cement maker Holcim sees 2Q profits plummet

Swiss cement maker Holcim sees 2Q profits plummet

Swiss cement maker Holcim Ltd. said Thursday its second-quarter income fell by two-thirds because of high energy prices and fewer orders as a result of the worldwide economic downturn.
Net profit attributable to shareholders between April and June was 696 million Swiss francs (US$636 million), 66.3 percent less than in the same period last year when Holcim benefited from the sale of its stake in Holcim South Africa.
Net sales in the second quarter were down 4.8 percent to 6.93 billion francs (US$6.33 billion).
"The turbulence in the financial markets, rising inflation and the strong rise in energy prices have put the global economy under increased strain," Holcim said. "After a prolonged period of very solid economic growth, this has had a noticeable dampening effect on the economies of the U.S., the U.K. and Spain in particular."
The company said it retains its long-term growth target of 5 percent in internal operating EBITDA for the full year, despite recently losing 85 percent of its profitable stake in Holcim Venezuela due to nationalization.


Updated : 2021-08-05 05:20 GMT+08:00