Cementos Molins posts EUR31m profit, up 85%

Spain’s Cementos Molins has posted a profit of EUR31.16m in the first nine months of the year. The 85 per cent rise has been attributed to successful foreign business, which continues to offset the decline in Spanish sales.

The company’s operations in Spain have seen profits decline on the back of a 16 per cent drop in domestic sales as Spanish cement demand continues to post further lows. The drastic falls in consumption have seen cement demand plunge to a level not seen since the 1960s.

However, foreign business has proved a lifeline for Cementos Molins, bringing in 80 per cent or EUR550m of the company’s total turnover of EUR668m.

Total operating gross profit reached EUR159m, while debt stood at EUR349m.

Cementos Molins saw EBITDA increase by 55 per cent in the first nine months with Bangladesh posting a EUR17m increase, Mexico EUR15m, Tunisia EUR14m, Argentina EUR10m and Uruguay, EUR5m.