Cementir boosted by Turkish recovery
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.