Swiss cement maker Holcim has today reported a big jump in net profit in the first quarter, helped by assets sales while its French merger partner Lafarge posted a loss.
The two companies unveiled a "merger of equals" last April to create the world's biggest cement maker.
But the terms were revised in March after shareholders in the Swiss company complained that they were getting a raw deal.
Holcim investors had watched the relative performances of the two firms diverge since the merger was announced.
The rise in the Swiss franc against the euro and worries about the proposed management structure were other factors prompting its shareholders to push for a better deal.
In the first quarter, Holcim reported a net profit of 310 million Swiss francs ($329m).
This was up from 80 million a year earlier and was helped by the sale of its minority stake in Siam City Cement, but below an average analyst forecast of 340 million.
Lafarge reported a net loss of €96m ($106.6m), better than its €135m loss a year before, and said it was on track to deliver its cost savings targets for the year.
The Holcim-Lafarge merger got a boost ahead of the first-quarter results when the Swiss company's second largest shareholder Eurocement said it now supported the deal.
Zurich-based Holcim needs two thirds of investors on side at a meeting on May 8 to raise money to pay for the merger and Eurocement's backing also comes after US shareholder adviser ISS recommended Holcim investors support the proposed merger.
