Lafarge posts profit recovery

French cement giant Lafarge on Wednesday reported a recovery of net profit last year and said that demand for its products for the construction industry was picking up.
But the net figure was helped by asset sales, and underlying operating profit fell on unfavourable exchange rates.
Lafarge, as a world leader in construction materials is a barometer of the health of building and civil engineering activity.
Net profit amounted to 601 million euros ($827 million), boosted by asset sales. That was an increase of 65.0 percent from 365 million euros in 2012 but short of analysts' expectations of 644 million euros.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 9.0 percent to 3.1 billion euros, although excluding the effects of exchange rates it rose by 2.0 percent.