Akmene Cement’s FY net profit slumps

Akmene Cement’s FY net profit slumps
Published: 13 May 2010

Akmenes Cementas (Akmene Cement), Lithuania’s only cement manufacturer, said that its net profit plunged to LTL5.368m (EUR1.56m) last year, down from LTL48.754m in 2008.

Annual revenues more than halved to LTL125.2m as cement sales almost halved to 572,400t, the company’s spokesman, Richardas Sudaris, told BNS.

Sudaris said that the final results for the first quarter were not yet available but noted that trends were improving.

"We have increased exports significantly compared with the start of 2009. The winter was very cold and the factory was practically idle in January and February, but in April, we had very good results," he said.

The year 2009 was a very bad year for Akmenes Cementas, but it managed to end it with a profit, he said.

Four Lithuanian private individuals hold a combined stake of 51 per cent in Akmenes Cementas. Cemex indirectly controls 33.95 per cent of voting shares in the company. The cement factory is located in Naujoji Akmene, in northwestern Lithuania.