The Bulgarian operations of cement major Italcementi have once again flattered the bottomline of the company as shown by its consolidated January-September financial report.
The Italcementi cement mills in Devnya, near the Black Sea port of Varna, and Dimitrovgrad, in the south-east of the country, control around 40 per cent of the market.
The group posted a 40 per cent jump in profits to EUR525m while earnings rose 18 per cent to EUR4.39bn. Operating profit was reported at EUR827.3m, up 42 per cent.
The Italian company said it has launched a EUR185m project in Bulgaria to expand by 50 per cent to 2.7Mt its yearly cement capacity. The investment will allow it ’to continue to use Bulgaria as a source for export sales’, while commissioning of the project is expected in 2009.