Spain: Portland Valderrivas quadruples 9M loss

FCC subsidiary Cementos Portland Valderrivas of Spain reported a EUR233.3m loss in the first nine months of 2016, quadrupling its loss noted in 9M15.

Revenues stood at EUR429.3m, 1.6 per cent below Jan-Sep 2015, as a result of shrinking markets in Spain and Tunisia, according to the company’s filing with the National Market Commission (CNMV). Cement sales advanced 1.7 per cent, aggregates by 30.8 per cent and mortar by 2.8 per cent, but concrete sales were down 23 per cent.

However, EBITDA reached EUR74.3m, 17.6 per cent up when compared with the same period a year ago as the company made significant savings on fuel and electricity costs as well as reducing structural costs. Exports from Spain also rose 24 per cent.

The US subsidiary, Giant Cement, accounted for 38 per cent of sales, Spain a further 32.8 per cent, Tunisia - 12.3 per cent and the UK 5.82 per cent.