The Italcementi stock collapses on Piazza Affari by 5,66% to 3,70 euros. Selling snapped on downward revisions to expectations on 2012 by the management which yesterday approved the accounts for the first nine months of the year.
“In some of the markets in which the group operates – reads the notya on the accounts – the decline in demand was accentuated in the third quarter, thus leading to greater prudence in forecasting results for the current year. Thanks to the actions undertaken by the Group to support revenues from sales and to reduce costs, the operating margin generated in the fourth quarter should be in line, barring events that are currently unforeseeable, with that of the same period of the previous year. However, due to the trend in the first nine months, the overall annual result will be lower than in 2011”.
In the quarterly turnover fell by 3,3% to 1,096 billion and the recurring ebitda decreased by 11% to 172 million. Over the nine months, however, the drop in revenues was 4,4% to 3.395,7 million caused by the decline in sales "despite an overall positive effect linked to the trend in unit revenues". However, a significant increase in turnover was recorded in India, Thailand, North America and in the trading sector, while the decrease mainly involved Italy, France-Belgium, Spain and Egypt. In addition to the volume factor, the increase in energy costs in some countries and the lower income generated by the management of CO2 quotas weighed on the operating results.
The profit for the period was 17,1 million (compared to the 105 million recorded as at 30 September 2011, net of the capital gain on the sale of assets in Turkey) with a loss attributable to the group of 39,7 million (profit of 123,2 million) and a profit attributable to
third parties of 56,8 million (89,6 million).
