The cement group said in its nine-month earnings statement that net profit attributable to shareholders fell year-on-year to 1.2 billion francs (794 million euros, 1.2 million dollars) and that the downturn "primarily reflects the poor business development in Europe."

Markets will remain "challenging for a longer period" in Europe, particularly in Spain, Britain, eastern Europe and Russia, it said.

However, it was more positive about a recovery in the construction business in North America.

"More optimistic is Holcim with regard to the development in North America, as building materials markets are expected to return to modest growth in the second half of 2010 on the back of the stimulus programmes," it said.

Emerging markets in Latin America, Africa, Middle East and Asia Pacific are also expected to show "more positive" developments.

"Here, building activity will for the most part remain solid. Especially in Asia Pacific, many of the countries can expect to see strong demand," it said.

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