Buzzi reports positive trend in parts of Europe

Italy-based cement producer Buzzi Unicem has announced that net profit for 2008 was down 12% at €471million on 2007 and noted a strong downturn in the fourth quarter. Nonetheless, the company has also said that it has recorded a favourable trend in Central and Eastern Europe with sales growth in Poland, the Czech Republic and Germany.
The company said that these positive trends were just enough to offset the downward trend elsewhere as well as the strong slowdown in Italy and the United States and a slight decrease in Russia and Mexico. The company recorded a 0.7% increase in sales during 2008, compared to the previous financial year, to take it to €3.52billion.
A statement from the company said, “For the year 2009, the economic scenario is difficult and tricky, since the scope and global nature of the crisis will undo the advantages of the group’s good geographical diversification. Consequently, notwithstanding the present uncertainty of all estimates, we believe that, at consolidated level, the year 2009 will close with recurring operating results 20/30% lower than the ones posted in 2008; currency volatility will play a key role in determining the actual decline. Hope remains that trading conditions will start to improve in the last part of the year, especially in the countries most stricken by the crisis during 2008 (United States of America, Italy).”