FCC losses widen on cement business writedown
Published by Jonathan Rowland,
Editor
World Cement,
Spanish infrastructure group, FCC, announced widening loss in 2016 to €165.2 million, compared to €46.3 million in 2015, on the back of a writedown of its cement division.
The company took an impairment charge of €299.9 million in September 2016 on Cementos Portland Valderrivas (CPV), which operates cement plants in Spain and Tunisia, and a cement import terminal in the UK.
CPV announced losses of €225 million in 2016, almost quadruple the €62 million the cement maker lost in 2015. The company blamed changes in Spain’s recovery forecasts, fuel price increases and a strong depreciation of the Tunisian dinar.
FCC currently owns 77.9% of CPV and has made an offer for the remaining shares in order to delist the company from the Madrid and Bilbao Stock Exchanges.
Read the article online at: https://www.worldcement.com/europe-cis/09022017/fcc-loses-widen-on-cement-business-writedown/
You might also like
Planned spin-off of Holcim’s North American business expected to occur in H1 2025
Holcim is progressing on the planned full capital market separation of its North American business, planned by way of a 100% spin-off to be listed on the New York Stock Exchange.