Heracles swings to profit

Heracles swings to profit
Published: 25 May 2006

Lafarge SA’s Greek unit Heracles Cement said it swung into a net profit of EUR2.6m in the first quarter of 2006 from a loss of EUR3.2m a year before. Sales increased by 17.4 per cent YoY to EUR141m, mainly due to a 21 per cent increase in domestic sales volume as well as a recovery in export sales prices. First-quarter EBITDA also came in higher at EUR14.2m from EUR8.3m. The group’s investments reached EUR5m, compared to EUR4.5m in the same period last year.

Lafarge holds a 53 per cent stake of Heracles Cement, which is the leader in the local market with a 52 per cent market share.