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HeidelbergCement H1 Group Revenue Declines 10.4%

HeidelbergCement (HDELY.PK) reported a 10.4% decline in first-half revenues, hit by lower sales volume and changed business policy at HC Trading.

Group revenue decreased by 10.4% to €8,254 million compared to the previous year's €9,212 million. Excluding consolidation and exchange rate effects, the decline amounted to 10.2%.

The Group share of the net result for the period totalled loss €3,133 million compared to a profit of €212 million last year. The company noted that the Group share of net result for the period was impacted by non-recurring effect from impairments.

Loss per share for the period was €15.79 versus a profit of €1.07 reported in the same period of last year.

Excluding non-recurring effects from the impairment of goodwill and other assets, the Group share rose by 5% to €356 million from €340 million reported a year ago.

Dr Dominik von Achten, Chairman of the Managing Board of HeidelbergCement, said, "In the second quarter, revenue dropped in many countries, in some cases by double-digit percentages. Nevertheless, we achieved a good result, which was almost at the previous year's level. The successful implementation of our COPE action plan played a large part in this..."

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