German-owned Bosnian cement producer Tvornica Cementa Kakanj (TCK) saw its net profit rising to 16 million marka (Euro 8.2m) last year, Bosnian business news website Bh Biznis said on Tuesday. TCK told SeeNews earlier this year it had a net profit of 13.6 million marka in 2003.
TCK, which is 73.94 per cent owned by German HeidelbergCement, would retain 14.4 million marka of the profit and allocate 1.6 million to reserves, Bh Biznis reported. The company’s assets totalled 144 million marka at the end of last year, while its capital stood at 131.4 million marka, the website said. The company said earlier this year it had a record-high output of 608,000t of cement in 2004, up from 538,000t the previous year.
HeidelbergCement bought initially a 51 per cent stake in TCK from the state in 2000 and pledged to invest 95.95 million marka in the following 10 years. It has owned 73.94 per cent of TCK since 2003.