LafargeHolcim records severe losses in Russia

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LafargeHolcim records severe losses in Russia

14 December, 2020

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The company's losses increase due to weak economy

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LafargeHolcim wrote off its Russian assets by almost USD 300 million, reports RNS.

The worsening economic situation had a negative impact on the earnings of the company.

The company was severely affected by currency fluctuations and one-time restructuring costs.

"The economic recession has led to a reduction in public investment in Russia, and as a result the demand for building materials declined. Cement sales fell because of this difficult situation,ÔÇØ said an official from the company.

ÔÇ£Although the network optimization and cost containment measures, the financial indicators deteriorated the group here,ÔÇØ he continued.

However, the company's operating EBITDA increased due to cost savings andÔÇïÔÇïpricing policy initiatives in the area.

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