Steppe Cement Limited operating subsidiary, Central Asia Cement JSC, has reported a full year pretax profit of KZT2562.5m compared with a year-earlier profit of KZT1590.9m. Consolidated net profit after tax for the year was noted at KZT1744.8m, being a 62.8 per cent increase on the KZT1071.5m returned for the year ended 31 December 2004.
Based on the average exchange rate for the year ended 31 December 2005, the result for the 31 December 2005 year is equivalent to US$13,053,000. This compares with the US$7,937,000 for the year ended 31 December 2004 as reported in Steppe’s September 2005 AIM admission document.
Central Asia Cement is the owner and operator of the Steppe Cement Group’s cement production assets in Kazakhstan. Steppe has a 100 per cent interest in Central Asia Cement held indirectly through two non-operating subsidiaries. The current group structure having been finalised during July 2005.