Italia's third-quarter earnings before interest, tax, depreciation and amortization were 166.3 million euros, up from 166.1 million euros in the same period last year. Operating income was 1,067.3 million euros, up 0.7% from 1,059.4 million euros in the same period last year. The increase in profit was mainly due to a non-recurring gain of € 0.8 million. The decline of exchange rate has become the main factor restricting the growth of performance.
Sales volume of cement and clinker in the third quarter increased by 0.9% year-on-year to 10.9 million metric tons. Emerging markets in Europe, North Africa and the Middle East are in good shape, with growth in Asia, Kazakhstan and Thailand offsetting losses from the depressed cement market in India. The cement market in Spain and Greece in central and western Europe is optimistic, while France, Belgium and Italy are more negative.
Operating income in the first three quarters decreased by 3.1% to 3.116 billion euros due to the decline in exchange rates and European cement product prices. This year, the Group has taken relevant measures to improve operational efficiency and the Egyptian and Asian markets are relatively stable, which ensures that the profit before interest, tax, depreciation and amortization has not changed much compared with the same period last year. Net income in the third quarter decreased by about 16 million euros to negative 63.8 million euros compared with the loss in the same period last year.
Efficiency measures and core investment projects such as new production lines in Devnya, Bulgaria and Rezzato, Italy, and the start-up of coal grinding equipment in Egypt have enabled the Group to meet its targets on time and on budget, and the Group is expected to make considerable profits early next year.
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