Lafarge Africa declares N37.4bn loss in 9 months

Lafarge Africa Plc has declared N37.4 billion loss in nine months of 2016 from N 32.4 billion recorded in prior nine months of 2015.

Chief Executive Officer, Lafarge Africa Plc, Michel Puchercos, said: “Our focus on volume and prices started to deliver during the third quarter. In September, all our plants were running at record performance level, Mfamosing Line 2 started its operation on August 28th (clinker) and prices increased by N650/bag in September representing above 40 per cent price change.

“In spite of the recessionary economic environment and market uncertainties, our company is positioned to deliver improved performance going forward. Our immediate objective is to optimize our processes, reduce operational costs and deliver strong EBITDA margins.

“However, uncertainty remains on the macroeconomic environment and its effect on the cement market.”