Switzerland: Holcim has reported a return to profitability in its first quarter 2011 financial results, with net income of Euro8.07m on a 1.8% decline in sales. For comparison Holcim made a loss of Euro54.9m in the same period of 2010. The group's revenue for the first quarter of 2011 was Euro3.67bn compared to Euro3.83bn in the first quarter of 2010. The group's earnings before interest, tax, depreciation and amortisation (EBITDA) was down by 17.1% compared to the first quarter of 2010 at Euro608.2m. The company attributed the decline to negative currency impacts of Euro59m. When looking at like-for-like EBITDA, however, the decline was only 1.8%. The company added that like previous first quarters, the cash flow from operating activities was minus Euro434m due to seasonal factors.
Holcim said that it expects the construction market to continue to recover in 2011. Reporting its expectations for the rest of 2011 Holcim said, "We are still of the opinion that the construction sector in the mature markets will recover and that the growth in emerging markets will continue." Holcim added that it was confident of, "securing its share of future growth in the emerging market and that its lean cost structures will enable it to benefit above average from continuing economic recovery in Europe and North America."
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