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UPDATE 2-Cement group Lafarge hopes for turnaround in 2010

Fri Nov 6, 2009 5:07pm IST
 
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* Sees 2009 cement volumes down 6 to 8 pct

* Recovery expected in second half 2010

* Q3 revenue 4.252 bln euros vs consensus 4.623 bln

* Q3 current op profit 852 mln vs consensus 856.17 mln

* Share price drops (Adds further details, comment by analysts, share price)

By Leila Abboud

PARIS, Nov 6 (Reuters) - The global recession hit the world's biggest cement maker hard in the third quarter but Lafarge (LAFP.PA: Quote, Profile, Research) said recovery would come to developed markets by the second half of 2010. [ECILT/WRAP]

Reporting a sharp fall in sales and profits, Chief Executive Bruno Lafont said the global building materials market had shown signs of stabilisation in the quarter and that it would likely mark the bottom of the downturn.

But he warned that a recovery would have to wait till the second half of 2010, especially in mature markets like the United States, although emerging markets like China could come back sooner.   Continued...

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