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FCC losses widen on cement business writedown

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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/

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European cement news