Brickmaker Wienerberger reports 11 pct increase in core profit

Wienerberger reported an 11 percent increase in third-quarter core profit, driven by accelerating demand in Europe and North America, it said on Wednesday.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) improved to 124.3 million euros ($140 million), the group said in a statement on Wednesday. Analysts polled by Reuters had expected 122 million euros on average.

"We are well on track, despite the challenging market environment for our Eastern European infrastructure business," said Chief Executive Heimo Scheuch.

"The strong performance of our plastic pipe business in the Nordic markets as well as growth in our brick business in Europe, the USA and Canada were among the main factors accounting for the positive development."

In Britain -- Wienerberger's largest single market, contributing 10 percent of annual group sales -- the vote against remaining in the EU had no substantial short-term impact on the market and projects continue to be implemented as planned, Wienerberger said in its third-quarter report.

The world's largest brickmaker confirmed its 2016 target of adjusted operating earnings before interest, tax, depreciation and amortisation and negative foreign exchange effects of 395 million euros.

($1 = 0.8886 euros) (Reporting by Kirsti Knolle; Editing by Christian Schmollinger and Louise Heavens)

Source Reuters