Swiss cement maker Holcim reports 12 percent drop in second-quarter net profit to $383 million

Cement maker Holcim sees Q2 profit drop 12 percent

GENEVA — Cement maker Holcim is blaming a slow construction recovery in Europe for a 12 percent drop in second-quarter net profit to 399 million Swiss francs ($383 million).

Last year, the Jona, Switzerland-based company made a profit attributable to shareholders of 453 million francs.

Holcim says it has seen some signs of improvement, particularly in the United States where cement consumption is up for the first time in years.

However, it cautioned Thursday that the recovery in Europe and North America is still uncertain.

Holcim says demand for its products is expected to grow in the developing countries of Latin America, Africa, the Middle East and Asia Pacific.