(Alliance News) - Cementir Holding NV on Thursday reported that it closed the first quarter with pretax profit of EUR58.7 million from EUR63.9 million as of March 31, 2023.

Sales revenues stood at EUR368.3 million from EUR414.8 million in last year's first quarter.

EBITDA as of March 31 was EUR66.5 million from EUR81.2 million in 2023.

Operating income was EUR34.2 million from EUR49.2 million.

Net cash as of March 31 is EUR76.6 million from cash of EUR217.6 million at the end of 2023.

The company said targets for the current year have been confirmed.

Francesco Caltagirone Jr, chairman and CEO, commented, "The results for the first quarter of 2024 are in line with our expectations, with sales volumes up but revenues and EBITDA down, compared to the first quarter of 2023."

"The excellent performance in Turkey, on which the devaluation of the exchange rate against the euro weighed, was not enough to offset the decline in the Nordic & Baltic result. The still weak residential market due to restrictive monetary conditions, adverse weather conditions and fewer working days contributed to the lower results."

Cementir Holding trades in the green by 0.6 percent at EUR10.16 per share.

By Claudia Cavaliere, Alliance News reporter

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