Vassiliko Cement Works (VCW) of Cyprus reported a strong set of first quarter results with net profit rising four per cent YoY to CYP 1.89m as sales domestically and abroad increased.
Total sales surged 14.2 per cent to CYP 11.7m on the back of increased export sales (CYP 1.6m versus CYP 520,000 in 1Q05) and to a lesser extent by the marginal improvement in local sales (CYP 9.8m versus CYP 9.4m in 1Q05).
Total sales of cement and clinker increased to 359,000t versus 312,000t. Local quantities of cement and clinker sold decreased to 277,000t from 282,000t a year ago, while VCW’s export sales marked a sizeable
increase to 81,000t from 30,000t in 1Q05. Total consumption of cement in the local market declined by 2.3 per cent to 390,000t.
Average sale price for local sales of cement improved to CYP 35.4 per ton (vs CYP 33.4 per ton in 1Q05), while the average selling price of export of cement and clinker increased to CYP 19.6 per ton versus CYP 17.5/t in 1Q05 and CYP 18.4/t in 2005.