Cementos Portland Valderrivas has reported a rise in turnover of 3.5% for the third quarter thanks to improvements in all countries in which the company operates. EBITDA for the nine months to the end of September 2014 was double that achieved in the same period of 2013 at €82.6 million.
As well as the beginnings of recovery in Spain’s cement industry, the Group reports that efficiency measures in Spain and the US, sustained growth in the US (7.5% growth registered in the first half of the year), an increase in the sale of emissions rights in Spain and the deregulation of the cement industry in Tunisia have all contributed to this huge improvement. Operating income has been negative since 2010, but this quarter the Group report a significant turnaround, reaching €33.5 million. Income before tax improved 37.5% and financial expenses were reduced. The volume of cement sold over the first nine months of this year was 5% greater than in the same period of 2013.
Finally, on 30 September, Cementos Portland Valderrivas saw the amortisation of €50 million of debt. Overall debt is calculated at €1.29 billion, with a reduction of €74 million compared to December 2013.
Adapted from press release by Katherine Guenioui
Read the article online at: https://www.worldcement.com/europe-cis/28102014/cementos-portland-valderrivas-reports-positive-3q14-753/