HeidelbergCement hurt by weaker currencies in emerging markets

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)