Swiss cement maker Holcim reported a big jump in net profit in the first quarter on Thursday 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 grumbled 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 ($329 million), up from 80 million a year earlier 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 96 million euros ($106.6 million), better than its 135 million euro 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 U.S. shareholder adviser ISS recommended Holcim investors support the proposed merger. ($1 = 0.9414 Swiss francs) ($1 = 0.9004 euros)

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