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.