* Drop in prices in Indonesia and Ghana drag on profit
* Q1 OIBD down 3 pct to 383 mln eur vs Reuters poll avg 416
* 2017 forecasts reiterated, CEO cautiously optimistic
(Adds CEO comments, details on markets)
MUNICH, Germany, May 10 Germany's
HeidelbergCement said its first-quarter operating
profit slipped 3 percent on a like-for-like basis as a decline
in emerging markets was unable to offset a significant rise in
Europe and North America.
The world's biggest maker of aggregates - coarse particles
used to make building materials including concrete - cited a
drop in prices in Indonesia and Ghana as well as higher
maintenance costs in Western and southern Europe.
The result from current operations before depreciation and
amortisation came in at 383 million euros ($417 million),
HeidelbergCement said on Wednesday, below the average analyst
estimate of 416 million euros in a Reuters poll.
Revenue that was flat on a like-for-like basis at 3.78
billion euros was broadly in line with expectations.
HeidelbergCement reiterated its 2017 forecasts for a
moderate increase in revenue, a mid-single to double-digit rise
in operating profit and a significant rise in profit before
"We remain cautiously optimistic about 2017," said Chief
Executive Bernd Scheifele, citing good economic developments in
North America, Britain, Germany, Northern Europe and Australia,
which generate about 60 percent of HeidelbergCement's revenue.
Zurich-based LafargeHolcim, the world's biggest
maker of building materials, also said last week its
first-quarter results were buoyed by strong trading in March
thanks to a pick-up in construction activity in Europe and North
The Franco-Swiss cement giant, whose CEO has quit over
payments to armed groups in Syria, posted a 5 percent decline in
underlying profit and a 7 percent drop in revenue.
($1 = 0.9181 euros)
(Reporting by Georgina Prodhan; Editing by Maria Sheahan and