Categories: Stories

Lafarge says demand for cement down, reports $1.4million loss in six months

The local unit of global building materials manufacturer LafargeHolcim reported an after tax loss of $1.39 million for the half year to June from a loss of $1.32 million in the prior comparable period, on weak demand as the country’s construction industry remains subdued.

Cement maker Lafarge Zimbabwe today said volumes of cement sales were down seven percent during the first half of the year, resulting in a decline in revenue to $25.4 million from $28.2 million.

“The construction industry remained largely subdued due to lack of major national and large commercial infrastructure projects. However, low scale projects and independent home development projects continued although at a lower momentum than the prior year,” said acting chair Muchadeyi Masunda in a statement.

Operating loss widened to $1.8 million from $1.7 million incurred in 2014.

As at 30 June the company had invested $1.2 million in plant upgrades against a capital expenditure commitment of $5 million.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by six percent to $730 000

Basic loss per share was flat at 0.02 cents.-The Source

(168 VIEWS)

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

ZiG loses steam, falls against US dollar for five consecutive days

The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…

November 22, 2024

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024

Zimbabwe among the top countries with the widest gap between the rich and poor

Zimbabwe is among the top 30 countries in the world with the widest gap between…

November 14, 2024

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024