Cementos Portland reports 2011 loss, Spain

Cementos Portland Valderrivas of Spain reported a loss of EUR327.5m for 2011 against a profit of EUR1.2m registered in 2010, local press reported.

The result was explained by the company’s need to allocate EUR337m to the reinforcement of its balance sheet, Expansión reported. Excluding this effect, the loss would have come in at EUR16m.

Revenues were down by 19.2 per cent YoY to EUR609m, while EBITDA amounted to EUR150.1m, down 30.8 per cent.

Cementos Portland plans to boost EBITDA by more than EUR60m in the next two years.