Akmenes Cementas, Lithuania’s only cement manufacturer, reported sales of 103.37 million litas (Euro 29.96m) for the first ten months of 2005, a rise of 13.8 per cent from the year-earlier figure of 90.87 million litas. In October alone, the sales surged by 20.6 per cent, year-on-year, to 12.6 million litas, from 10.45 million litas in October 2004.
"The growth in sales remains fast both on domestic market and on foreign markets, including Latvia, Russia, the Kaliningrad region and Finland," said Arturas Zaremba, Akmenes Cementas CEO. He projected an approximately 10-20 per cent rise in sales for November. The growth in sales resulted on a boom in the construction sector in fall and the surge in demand for Lithuania-made cement in summer.
The cement manufacturer posted a net profit of 3.956 million litas in 2004, down from a net profit of 5.124 million litas in 2003. Annual revenues grew by 16.3 per cent to 103.98 million litas. Akmenes Cementas has an authorized share capital of 46.165 million litas. Cemex, the Mexican cement giant, controls a 33.95 percent stake through a subsidiary company. Four Lithuanian private individuals hold a combined stake of 51 per cent.