Vassiliko Cement: net profit rockets

Vassiliko Cement: net profit rockets
Published: 25 November 2004

Cypriot cement maker Vassiliko Cement Works boosted its net profit to C£4.1m (US$9.2m) for the first nine months of 2004,  from C£2.5m (US$5.6m) for the same period of  2003.  Vassiliko also generated a turnover of C£28.2m Cyprus pounds ($63.5m), compared to C£26.2m (US$59m) in 2003.  The company’s clinker output fell to 906,000t from 949,000t.  Exports plummeted to 99,000t from 341,000t.  The improvement in performance is attributed to the significant increase in  demand on the local cement market and to the higher cement prices.