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Business News/ Companies / Lafarge says emerging markets helped profit meet estimate
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Lafarge says emerging markets helped profit meet estimate

Earnings before interest, taxes, depreciation and amortization declined 4% to 887 million

Net debt shrank 1% in the third quarter, with Lafarge’s balance sheet bolstered by €524 million of cash from divestments in the first nine months of the year. Photo: Bloomberg Premium
Net debt shrank 1% in the third quarter, with Lafarge’s balance sheet bolstered by €524 million of cash from divestments in the first nine months of the year. Photo: Bloomberg

Paris: Lafarge SA, which is merging with Swiss rival Holcim Ltd to form the world’s largest cement maker, said growth in emerging markets helped the French company shrug off a prolonged slump in its home market and meet estimates for profit in the third quarter.

Earnings before interest, taxes, depreciation and amortization declined 4% to €887 million ($1.25 billion), the Paris-based company said in a statement on Wednesday. That matched analysts’ estimates.

“In a quarter marked by more moderate growth, we continued to progress on implementing our actions to reduce debt, cut costs and promote innovation," chief executive officer Bruno Lafont said in the statement.

Lafarge is merging with Holcim, which on 3 November reported quarterly profit that missed estimates, as a construction slump in Spain and France lingered and growth in emerging markets slowed. They are aiming to complete their merger by mid-2015, and selling assets in Europe, Canada, Brazil, the Philippines and Mauritius to win antitrust approval.

Lafarge has also been selling other assets to repair a credit rating that has fallen one level below investment grade. Net debt shrank 1% in the third quarter, with Lafarge’s balance sheet bolstered by €524 million of cash from divestments in the first nine months of the year. Bloomberg

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Published: 05 Nov 2014, 01:37 PM IST
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