HeidelbergCement’s Bosnian unit 1H net profit rises 88% YoY

HeidelbergCement’s Bosnian unit 1H net profit rises 88% YoY
Published: 15 October 2008

Tvornica Cementa Kakanj (TCK), a Bosnian cement factory owned by Heidelberg Cement, reported a first-half net profit of 28.54 million marka (US$20m), up from 15.19 million marka a year earlier, as revenue rose faster than costs, the company said.

No company officials were available for comment on Tuesday. TCK said earlier its 2007 net profit soared 118% to 35.48 million marka due to increased sales and higher cement price.

TCK’ assets totalled 232.6 million marka at the end of June, up from 188.0 million marka a year before.

The factory sold 387,000t of cement in the first six months of 2008 and hopes to sell at least 707,000 tonnes for the whole year, roughly the same quantity as in 2007, Bosnian daily Dnevni Avaz reported on Tuesday quoting TCK’ director Branimir Muidza.

Muidza said Heidelberg Cement has invested some 100 million marka in its Bosnian factory since it bought it in 2000, primarily in facility upgrades and environment protection.

Tvornica Cementa Kakanj is based in the central town of Kakanj, some 50km northwest of the capital Sarajevo.

The company stock last traded on the Sarajevo Stock Exchange (SASE) on September 19 at an average price of 51.00 marka, down 14.84% from the previous trading on June 5.