Challenging quarter for cement demand and prices, ARCC: Loss induced by FX losses; top line pressured by lower volumes
MBSC: Bottom line supported by tax savings, Top line hit by lower volume, Cash is king
MCQE: Lower finance costs saves bottom line; Revenues get hit but margins withstand storm
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
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