Lafarge Cement projects profit
Published by Joseph Green,
Editor
World Cement,
Lafarge Cement Zimbabwe Limited projects profitability in 2016 after recording a US$1.9 million loss in after tax profit for the year-ended 31 December 2015.
The company recorded a profit after tax of US$80 950 in 2014.
Lafarge commented that the economy experienced serious difficulties on a sustained basis because of a combination of factors such as the liquidity crunch, reduced consumer spending due to continued job losses and a poor agricultural season arising from a late and erratic rainfall season.
The group stated that sales volumes increased to US$61.55 million from US$60.45 million representing a 2% growth due to sales volumes.
Earnings Before Interest and Tax decreased by 230% to a loss of US$1.68 million during the period under review from a profit of US$1.29 million in 2014 driven to a large extent by these provisions.
Total assets decreased by 13% to $65 million in 2015 from US$69.9 million in 2014 due to the reduction in inventory from the obsolescence provisions.
Edited from sources by Joseph Green. Sources: All Africa, Daily News, News Day
Read the article online at: https://www.worldcement.com/africa-middle-east/22042016/lafarge-cement-projects-profit-960/
You might also like
World Cement Podcast
In the latest episode of the World Cement Podcast, Senior Editor David Bizley is joined by Dr Andrew Minson of the GCCA to discuss the ins and outs of the recently launched Low Carbon Ratings (LCR) system.
Molins announce first quarter results
Net profit reached €48 million, equivalent to earnings per share of 0.73 euros, 6% lower than the same period of the previous year.
