HeidelbergCement hurt by weaker currencies in emerging markets
HeidelbergCement says a cost-cutting programme has already exceeded a full-year target of €240 million, generating cash savings of €253 million.
HeidelbergCement, the third- largest maker of cement, said third-quarter profit fell 7 per cent hurt by weaker currencies in emerging markets.
Operating income before depreciation was €811 million in the quarter, compared with €872 million a year earlier, the company said in a statement yesterday . Sales fell 1.3 per cent to €3.89 billion.
Lower energy and raw material costs as well as price increases could not compensate for the negative currency effects, the company said.
The company, which dates back to 1873, said a cost-cutting programme dubbed Fox 2013 had already exceeded a full-year target of €240 million, generating cash savings of €253 million.
Two other projects designed to improve profitability were progressing according to plan. – (Blooomberg)