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PARIS--French cement maker Lafarge SA said Wednesday its net profit in the third quarter fell as a result of the war in Iraq and a sluggish construction market in France. Net profit in the three-month period through September fell to EUR218 million ($273 million) from EUR304 million, while overall revenue fell 2% to EUR3. 64 billion, the firm said. Eight analysts polled by FactSet had expected an average revenue of EUR3. The company cited the war in Iraq and sluggish demand from the construction industry in France and Western Europe to explain the decline in its revenue and profitability. "We don't observe signs of a recovery yet," Lafarge's chief executive Bruno Lafont told reporters in a conference call. Adverse currency swings also hit Lafarge's profitability, the firm said. A stronger euro over the period meant a EUR26 million charge on its earnings before interests, taxes, depreciation and amortization. Earlier this year, Lafarge and Swiss rival Holcim Ltd. announced plans for a $50 billion merger. The two companies said they would sell assets that generate about EUR5 billion in revenue to get clearance from antitrust authorities and boost their overall exposure to emerging markets. Lafarge said the merger was going forward and confirmed that it expects the process to be completed during the first half of next year. Lafont said the company has decided to pause its own debt-cutting asset sale program because of the pipeline of asset sales planned under its merger with Holcim. He said the goal was still to reduce the firm's debt to EUR9 billion, but it may take a little more time. Lafont confirmed his forecast for an increase in market growth of between 2% and 5% in 2014, and that Lafarge intends to cost cuts by EUR600 million this year and EUR550 million next year. Access Investor Kit for Holcim Ltd. Visit http://www. cp_code=A591&isin=CH0012214059. Access Investor Kit for Lafarge SA. Visit http://www. cp_code=A591&isin=FR0000120537. Access Investor Kit for Holcim Ltd. Visit http://www. com/partner. cp_code=A591&isin=US4347412037. Access Investor Kit for Lafarge SA. Visit http://www. com/partner. cp_code=A591&isin=US5058614018. Source: www.marketwatch.com
Mr. Lafont said the company has decided to pause its own debt-cutting asset sale program because of the pipeline of asset sales planned under its merger with Holcim. He said the goal was still to reduce the firm's debt to EUR9 billion, but it may take
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Chuck Lafont, Actor: Pale Rider. Chuck Lafont is an actor, known for Pale Rider (1985), Heathers (1988) and Hider in the House (1989).
Chuck LaFont profiles Name Search. First name; Last name; Cancel. 5 of 5 profiles View Full Profile; Charles-Henri Lafont
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Chuck Lafont is an actor, known for Pale Rider (1985), Heathers (1988) and Hider in the House (1989).