Holcim rose as much as 3 per cent in Zurich trading after the Swiss cement-maker said cost cuts helped to boost profitability at its units in Europe and Latin America in the first quarter.

The margin based on earnings before interest, taxes, depreciation and amortisation rose to 29.7 per cent from 26.2 per cent in Latin America and to 2.8 per cent from 1.8 per cent in Europe, the Jona, Switzerland-based company said in a statement on its website yesterday.

“The pleasant surprise is that Europe improved thanks to further cost-cutting as well as stable or slightly higher selling prices,” said Raymond James analyst Arnaud Palliez.

To counter a construction slump in Europe, chief executive Bernard Fontana cut costs and expanded in emerging regions such as Latin America and Indonesia. – (Bloomberg)