Cementarnica Usje 2012 net profit falls, Macedonia

Macedonia’s sole cement producer Cementarnica Usje said its consolidated net profit fell to MKD1.32bn (EUR21.4m) in 2012 from MKD1.92bn a year earlier.

Sales revenue fell 18 per cent to MKD3.76bn last year while operating profit decreased MKD1.28bn from MKD1.92bn.

Despite Macedonian cement demand made solid gains in 2011 when it advanced 24 per cent to 0.82Mt from 0.66Mt the year before. However, much of this advance was surrendered in 2012 with forecasts indicating that demand fell 18 per cent YoY to 0.67Mt.

Cementarnica Usje is 94.8 per cent owned by Titan Cement of Greece. Its 0.9Mta plant is located at Usje, near the country’s capital Skopje and around 20km from the Kosovo border.