Turkey’s Cimsa sees 2008 revenue of US$500m

Turkey’s Cimsa sees 2008 revenue of US$500m
Published: 24 January 2008

Cimsa, Turkey’s third-largest cement producer, expects revenue of US$500m this year after hitting sales targets in 2007, the company’s general manager told Reuters. 
The company, a unit of  Sabanci Holding , expects 2007 revenue of TRY500m (US$418m) although it had posted lower-than-expected profits in the first nine months as spiralling fuel costs dented margins in the cement sector.  
The company, which has a market capitalisation of US$978m, also expects US$145m in earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2007.  
"I can say we hit this year’s (sales) targets, but we came in a little bit under our EBITDA target," said Mehmet Hacikamiloglu in an interview.  
Cimsa posted a 15 percent drop in net profit for the first nine months of last year, down to TRY44.3m from TRY52.2m for the same period in 2006.