Italy: Italcementi's revenue has dropped by 3.2% year-on-year to Euro1.06bn for the third quarter of 2013 from Euro1.10bn in the same period in 2012. However, earnings before income and taxes (EBIT) fell by 36% year-on-year to Euro108m for the third quarter of 2013 from Euro168m in 2012. The Italy-based multinational cement producer attributed the low revenue decline as a sign of slowing decline in Europe.

"Despite the stagnation in demand on the European markets, over the last four quarters, with the exception of March 2013, which was severely affected by the impact of bad weather on construction operations, the Italcementi Group has reported a positive trend in results for its industrial operations," said Giovanni Ferrario, Group Chief Operating Officer. He added that the group efficiency plan had helped the result despite the strong impact of the rise in energy prices in Egypt.

Sales of cement and clinker fell by 2.4% year-on-year in the third quarter of 2013 to 10.8Mt. By region sales fell in Europe, North Africa and the Middle East in the third quarter of 2013. Cement and clinker sales rose in North America and Asia. This trend was mirrored for the first nine months of 2013 also.