Geneva - Holcim, one of the largest cement and aggregates companies in the world, reported Wednesday its net profit for the first quarter stood at 74 million Swiss francs (65.25 million dollars), down 80 percent.

Consolidated net sales dropped 17.9 per cent to 4.52 billion francs, and the company said the rest of the year was also looking difficult.

The Swiss Holcim said it was hit by both the economic downturn, which has stalled construction projects and by cold weather, leading to fewer deliveries of its products.

The company had lower sales in France and Belgium and was particularly hard hit in eastern Europe.

Overall in Europe, sales fell 30 per cent, while in North America they dropped 33 per cent. Holcim's Latin American deliveries dropped by a smaller 16 per cent.

In Africa and the Middle East the company reported slow growth but saw more positive signs of development in Asia.

Holcim predicted 2009 "will turn out to be a difficult year" and would not release its performance expectations. (dpa)