Poor cement sales in Portugal and Angola have reduced Semapa s net profit by 52.3% year-on-year to Euro39.3m for the first six months of 2013 from Euro82.3m in the same period in 2012.
Sales in Portugal fell by 15.2% to Euro82.2m for the period and sales in Angola fell by 20% to Euro11.6m. In Portugal Semapa blamed the on-going decline in the construction sector. In Angola it blamed imports from China. Despite political instability and regional variation in Tunisia, sales rose slightly by 0.5% to Euro36m for the period. Sales in Lebanon rose by 5.4% to Euro44.7m.
Overall the Portuguese conglomerate, which holds businesses in cement, pulp and paper and environmental services, saw its sales rise by 4.5% year-on-year to Euro990m for the first half of 2013. Earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 11.6% to Euro202m.