Cyprus’ Vassiliko Cement Works Public Co Ltd (VCW) reported a decline in profitability during the first half of 2008 compared to a year ago with net profit declining 14.7 per cent to EUR7.37m from EUR8.64m a year ago in the first half.
This is the first time VCW includes the operating results of the acquired assets of Cyprus Cement Company (CCC) in its financial statements. To this respect, 1H08 results are not comparable with VCW’s corresponding 1H07 as prior year results include only VCW’s results.
Total sales rose strongly by 45.6 per cent YoY to EUR67.3 mln after the consolidation of CCC results with those of VCW and the continuous increase in demand for cement during the first six months of 2008, whilst no export sales were recorded. Total operating expenses rose by 19.2 per cent YoY to EUR4.9m, whilst in terms of revenue they improved to 7.3 per cent (versus 8.9 per cent in 1H07).