Turkish Oyak Cement sees ’09 profit down

Turkish Oyak Cement sees ’09 profit down
Published: 14 April 2009

Oyak Cement Group is forecasting a nine per cent decline in gross sales in 2009 and 15 per cent lower profits, the group said in a statement on Friday.

The group’s four listed companies are Adana Cement, Bolu Cement , Mardin Cement and Unye Cement .

Oyak Cement Group President Celalettin Caglar also said in a news conference that the company would do best to grow through acquisitions in Europe, rather than organic growth.

"We entered the financial crisis with a serious amount of cash. We are currently looking to see where we can invest it," said Caglar.

The Turkish cement sector, which had enjoyed a boom during years of strong domestic growth and rising exports, especially to the Middle East and Russia, would take a knock in 2009, with sales falling 7-8 per cent, Caglar said.

He also said he saw the sector’s capacity utilisation at 50- 55 per cent in 2009.