Holcim half year net profits down 4.2pc

Swiss cement giant Holcim said Thursday its 2011 first half net profit fell by 4.2 percent to 586 million francs (510 billion euros, $735.3 million), due to the franc's strength.
"An appreciable number of other Group companies improved their results in local currency terms, but these successes were cancelled out in the consolidated financial statements by the strength of the Swiss franc," it said in its quarterly statement.
The currency also affected sales, which dropped 7 percent to 10.1 billion compared to a year ago, even though volumes increased in all segments, Holcim said.
"In the first half of 2011, demand for building materials followed a positive development in many markets in the emerging countries, with Asia and Latin America in particular continuing to grow," it said in a statement.