LafargeHolcim First-quarter Profit Falls 14% As Covid-19 Hits Construction

LafargeHolcim reported a drop in sales and profit during its first quarter on Thursday as the coronavirus pandemic closed building sites around the world.

The world's biggest cement maker said its sales fell 11.2% to 5.29 billion Swiss francs ($5.42 billion), from 5.96 billion francs a year earlier.

The figure slightly beat analyst forecasts for 5.25 billion francs in a company-gathered consensus.

Recurring operating profit also fell, down 14.1% to 262 million francs, beating forecasts for 215 million francs.

Earlier on Monday, LafargeHolcim ditched its profit forecast for 2020 and announced spending cuts to counter the downturn in construction. However, it was not planning job cuts for now. The Swiss company said it was trimming capital expenditure by at least 400 million Swiss francs ($416.5 million) compared to 2019 and reducing fixed costs by at least 300 million francs.