Cementir boosted by Turkish recovery

Cementir boosted by Turkish recovery
Published: 17 May 2004

The first quarter turnover at the Italian cement producer Cementir rose buy 13.7% to €71.4m while the EBITDA was little changed at €16.1m, though the trading profit advanced by 12.8% to €8.8m and the positive interest live produced an advance in the pre-tax profit of some 57% to €11.0.  Turnover in Italy rose by 2.7% to €45.4m, while the Turkish subsidiary Cementas pushed turnover ahead by some 40% to €26m.  Thanks to a strong recovery in Turkish cement demand, Cementas domestic deliveries rose by a fifth and prices advanced by some 15%.  As a result of the improvement in its local market, Cementas reduced its export volume by around 10%.  Cementir has maintained its strong net cash position, which at the end of March stood at €118.7m.  This gives the Caltagirone-controlled cement group plenty of fire power to make a sizeable acquisition.