Swiss building materials company LafargeHolcim Ltd. (LHN.EB) on Friday said that it is talks with South African cement manufacturer PPC Ltd. (PPC.JO) regarding a possible transaction in Africa.
"No agreement with PPC has yet been reached and no assurance can be given at this stage that a transaction will materialize," the company said.
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LaFarge also reported its third-quarter results on Friday. The company said its net income for the quarter slumped 59% to 433 million Swiss francs ($436 million), largely due to the effects of several disposals in the year-earlier period.
Net sales for the period fell slightly to CHF6.94 billion, it added.
The group said it has revised its earnings model to reflect current industry dynamics. Lafarge now expects 5%-7% growth in its adjusted operating earnings before interest, taxes, depreciation and amortization, compared with a previous forecast of double-digit growth.
The company said it has begun a comprehensive business review and it expects to present a strategic update in March 2018 when it publishes annual results.
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(END) Dow Jones Newswires
October 27, 2017 02:33 ET (06:33 GMT)