Holcim Q3 net profit down almost 20 percent
Wednesday, November 10, 2010
GENEVA (AP) — Swiss cement maker Holcim AG said Wednesday that its third-quarter net profit fell 19 percent as demand for building materials slowed worldwide.
Holcim says net profit attributable to shareholders was 544 million Swiss francs ($561 million) during the quarter, down from 673 million francs in the same period last year.
“The building materials markets suffered a setback in global terms in the third quarter of 2010,” the company said in a statement.
Emerging markets continued to grow, it said, but added that “there were temporary challenges due to economic and seasonal influences, particularly in the U.S., Mexico, Eastern Europe and India.”
Price pressure and the heavy monsoon in India also affected earnings.
Shares in Holcim dropped 3 percent to 64.75 Swiss francs on the Zurich exchange.
The company gave a pessimistic outlook for the rest of the year, but noted that it expects demand to grow in South America, Africa, the Middle East and the Asia Pacific region.