Heidelberg Cement shares fell 6.4% as the German cement company hit a profit from the highest cost in the first quarter.
The German company showed profits from current activities before depreciation of 394 million euros, lower 27% compared to the first quarter of last year.
The adjusted operating margin decreased to 8.9% from 13.6% previously. Operating profit fell almost 60% to 91m euros.
The drop in profits was attributed to the significantly higher energy and transport costs in the quarter, HeidelbergCement said, with price increases only partially offsetting it.
Revenue for the quarter rose 12% to 4.43 billion euros, thanks to price increases across the group, as volumes remained unchanged on an annual basis in most business sectors.
Despite lower-quarter earnings, the company said it was still aiming to meet its previous year ‘s financial targets.
Source: Capital
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