Heracles Cement H1 profit up

Heracles Cement H1 profit up
Published: 10 August 2004

Greek cement producer Heracles, majority owned by France’s Lafarge, said first half group pretax profit grew 37.5 percent to EUR55m (US$67.42m).  Group sales rose 7.6 per cent to EUR299m, with improved prices lifting domestic sales while exports also increased on an improved product mix, the company said.  Greece’s largest cement producer said operating expenses fell 3.1 per cent, with net financial expenses down 68.6 per cent due to a significant drop in net indebtedness. Heracles has three cement plants in Greece, with a total annual production capacity of 9.6Mt.