By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)- World’s building materials and cement producers, LafargeHolcim on Thursday announced its first Quarter (Q1) 2016 report and said the year-on-year comparison was also impacted by lower prices in Nigeria, India and China.
Eric Olsen, CEO of LafargeHolcim commented: “In the first quarter, which is typically our smallest quarter, we saw solid demand for our products and a strengthening pricing environment with sequential quarter-on-quarter improvement of cement average selling prices.
“We know that we have more to do to increase momentum in 2016 and we are fully committed to delivering synergies, strengthening pricing, and maximizing cash flow generation. We are also well advanced with our divestment program and the proceeds will reduce our net debt this year.
“The first quarter is not indicative of our full year performance. We are on track with our plan and we see favorable underlying trends. I am confident that 2016 will mark sound progress towards reaching our 2018 objectives and we expect to deliver at least a high single digit like-for-like increase in adjusted operating EBITDA for the year.”
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