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Holcim
Third-quarter net sales fell 8% to 5.29 billion Swiss francs, missing the average estimate of 5.47 billion in a Reuters poll, hit by weaker demand for building materials in India, Mexico, Canada and Brazil.
"The global economic trend remained subdued despite significant growth in several emerging markets and improved economic data from the US," Holcim said in a statement.
The Swiss company said the fall in sales was also partly attributable to restructuring measures meant to improve margins.
Faced with slumping margins and weak construction demand, Chief Executive Bernard Fontana has slashed costs and cut capacity in regions such as Europe, at the same time as expanding into high-growth emerging countries such as Indonesia and Ecuador.
Holcim now expects cement sales volumes to fall short of last year's levels, having previously forecast an increase in sales. It also anticipates lower sales in its aggregates and ready-mix concrete businesses.
Sales in Asia were hurt by weaker demand in its biggest market, India, where a slowdown in home building and rising input and energy costs continued to weigh. On a brighter note, the company said demand in Europe had stabilised.
Despite subdued demand, net profit after minorities jumped almost 20% to 469 million francs, beating the average forecast for 428 million, as cost cuts bore fruit.
Holcim said cost cuts and a focus on pushing higher-margin services had added 626 million francs to operating profit so far this year.
The company confirmed it was on track to achieve its target of boosting operating profit by at least 1.5 billion francs by the end of 2014.
It also stuck to its forecast for organic growth in operating earnings before interest, taxes, depreciation and amortisation and operating profit this year.
