Holcim net profit halved
The Swiss cement-maker reports losses as the construction industry declines.ZURICH - Holcim, one of the world's biggest cement-makers, on Wednesday said its net profit fell by 53.9 percent to CHF 1.782 billion (USD 1.507 billion, EUR 1.206 billion), as it warned of a further decline in demand in 2009.
The Swiss-based group's net profit was hit as the "contracting construction industry worsened rapidly in a number of markets."
Sales fell by 7.0 percent from 2008 to CHF 25.157 billion, as the group warned of the difficult environment in 2009.
The year 2009 "will be another difficult year for the construction and building materials sectors. Although government support programmes have been announced, Holcim has to expect a further decline in demand," it said in a statement.
AFP / Expatica