Public CompanySwiss cement maker Holcim sees 'satisfactory' biz in India
Swiss cement maker Holcim today said its strong presence in emerging markets, including India, has helped the company balance the fall in earnings in other regions.
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Holcim has significant stakes in Indian cement makers ACC and Ambuja Cements.
"Some markets like the US, Spain and Eastern Europe are still difficult. On the other hand, in Asia – eg in India – and in Latin America, Holcim sees a quite satisfactory trading acitivity.
"All in all, the strong presence in emerging markets has slowed down the negative EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) growth," Holcim said in a statement today.
Noting that there was no reversal of the underlying economic trend visible up to May, Holicm said that the trading activity remained restrained.
The Swiss entity reiterated that 2009 would turn out to be a difficult year.
Meanwhile, the company plans to raise as much as 2.1 billion Swiss francs (about $1.93 billion) through a rights issue.