Spain: Spanish cement producer Cementos Portland Valderrivas (CPV) has announced that it reduced its loss to Euro147m in 2012 compared to Euro327m in 2011, a 55% year-on-year drop.
The improvement was due to the company's restructuring plan Plan NewVal, which aims to adapt production capacity to the current demand. According to data from the country's association of cement producers Oficemen, cement demand fell by 34% in Spain in 2012.
CPV generated a revenue of Euro653.7m in 2012, down by 12.9% year-on-year, and earnings before interest, tax, depreciation and amortisation (EBITDA) of Euro69.8m, a 55% decrease.