Spain: Cementos Portland reports EUR29.5m loss

FCC-owned Cementos Portland closed the first quarter of 2015 with a EUR29.5m loss, representing a 21.2 per cent higher figure when compared with 1Q14.

The cement company attributes the fall to lower CO2 sales and new accounting rules relating to annual maintenance costs. Taking into account these effects, results improve by EUR7m.

Revenues increased 9.4 per cent to EUR121.8m as the company maintained stable cement sales of 1.6Mt. However, concrete deliveries were down 43 per cent to 66Mm3.

Domestic sales accounted for 37.5 per cent of sales, the US 30.5 per cent and Tunisia 16 per cent.