It now has plans for wage cuts, plant shut-downs and redundancies to adapt further to the market.
It had made losses of €48.6m (£41.9m) in the first half of 2012. CPV also swapped assets with Irish company CRH in the first half of this year, which provided capital gains of €104.8m.
CPV Chairman and CEO José Luis Sáenz de Miera said: “Results for the first half reflect efforts last year to reduce costs in Spain, where demand continues to shrink, and to improve efficiency in operations in the US, where consumption of construction materials is on the rise.”
Cement consumption in Spain declined by 24.2% in the first half of this year, to 5.5 million tonnes. This performance was visible in Cementos Portland Valderrivas' results.
Countries other than Spain accounted for 58% of total revenues, for a total of €158m.
In view of this decline in activity in Spain, the group is implementing additional measures to adapt production capacity and the business structure. To this end, the group has booked €60.8m in provisions for asset writedowns and workforce restructuring. As well as redundancies, wage cuts will be applied to executives as from this month and to the rest of the workforce in the coming months. Other measures include the temporary shut-down of plants.
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