Connect with us

Hi, what are you looking for?

World

HeidelbergCement hit by strong euro in 2103

-

German construction materials group HeidelbergCement said on Thursday that sales and profits stagnated in 2013, weighed down by the strength of the euro.

Even though the group had previously been forecasting higher sales and operating profit, full-year revenues slipped by 0.6 percent to 13.94 billion euros ($18.9 billion) and operating profit was down 0.2 percent at 1.61 billion euros.

Had exchange rates remained stable, sales and profit would have increased by 3.4 percent and 5.2 percent respectively, HeidelbergCement said in a statement.

In the fourth quarter alone, sales were unchanged at 3.5 billion euros while operating profit inched higher by 2.4 percent to 463 million euros.

Full details of the 2013 figures would be published on March 19.

Chief executive Bernd Scheifele said the group was "cautiously confident" for the future.

And "in 2014, we will aim to improve our margins further," he said.

German construction materials group HeidelbergCement said on Thursday that sales and profits stagnated in 2013, weighed down by the strength of the euro.

Even though the group had previously been forecasting higher sales and operating profit, full-year revenues slipped by 0.6 percent to 13.94 billion euros ($18.9 billion) and operating profit was down 0.2 percent at 1.61 billion euros.

Had exchange rates remained stable, sales and profit would have increased by 3.4 percent and 5.2 percent respectively, HeidelbergCement said in a statement.

In the fourth quarter alone, sales were unchanged at 3.5 billion euros while operating profit inched higher by 2.4 percent to 463 million euros.

Full details of the 2013 figures would be published on March 19.

Chief executive Bernd Scheifele said the group was “cautiously confident” for the future.

And “in 2014, we will aim to improve our margins further,” he said.

AFP
Written By

With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.

You may also like:

World

Immigration is a symptom of a much deeper worldwide problem.

Business

Saudi Aramco President & CEO Amin Nasser speaks during the CERAWeek oil summit in Houston, Texas - Copyright AFP Mark FelixPointing to the still...

Business

Traveling in NY is already costly, but it just got worse: transit authorities have approved a controversial $15 toll, set to take effect in...

Business

The US central bank should either scale back or delay its interest rate cuts in response to "disappointing" inflation data.