Usje Cementarnica 1Q net profit falls 47%, Macedonia

Macedonian cement producer Usje Cementarnica said its consolidated net profit fell 47 per cent YoY to MKD101.8m (EUR1.6m) in the first quarter of 2012.

Operating income fell 20 per cent YoY to MKD627.5m through March, while operating costs decreased by 9% to MKD538.1m.

The company is a 94.8 per cent-owned subsidiary of Greece-based Titan Cement Company. It operates a single cement works located at Usje, near the Macedonian capital Skopje, only some 20km from the border with Kosovo. The dry-process Usje works operates two kilns with a combined clinker capacity of 0.9Mta and 1Mta in terms of cement capacity.