Lafarge sees recovery in late 2010
November 6, 2009
French building giant Lafarge, the world's biggest cement maker, on Friday forecast the beginning of a recovery in the construction industry in developed economies only from the second half of 2010.
The forecast came as the company unveiled results showing its net profit fell 38 percent to $601 million in the third quarter on a 12-month comparison, while sales dropped 20 percent.
"Results continue to be impacted by economic slowdown," the group said, predicting that annual cement volumes in the company's markets were expected to decline by between six and eight percent in 2009.
"We anticipate volumes in mature markets may start to recover as of the second half of 2010" due to infrastructure spending in government stimulus plans and gradual improvement in the economy, it said.
In contrast to declines in developed economies, however, the company added that "the strength of our emerging markets, excluding Central and Eastern Europe, continue to favourably impact our results." - I-Net Bridge
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