Cimentos De Portugal, SGPS reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the period, the company reported total operating income of 597,023,000 against 645,019,000 a year ago. Net operating income was 89,765,000 against 98,384,000 a year ago.
Loss before income tax was 3,145,000 against profit before income tax of 69,495,000 a year ago. Net loss for the year attributable to equity holders of the parent was 10,823,000 or 0.02 per basic and diluted share against net profit of 47,213,000 or 0.08 per basic and diluted share a year ago. Cash Flows from operating activities was 24,936,000 against 53,877,000 a year ago.
Payments in tangible assets was 69,153,000 against 110,912,000 a year ago. Payments in intangible assets was 745,000 against 253,000 a year ago. EBITDA was 133.1 million against 147.4 million a year ago.
Sales for the first three months of 2014, compared to the same period of 2013, were characterised by a 12.2% rise in total cement and clinker sales. Excluding negative exchange rate impacts EBITDA rose to 169 million and posted growth of 15%, which in the consolidation in euros became a downturn of 9.7%. Despite good operating performance, the effect of exchange rate differences on EBITDA and on Financial Income led to Net Income attributable to shareholders that was negative.