Turkey: Cimsa Cimento's 1H13 net profit gains

Cimsa Cimento has seen a big rise in its 1H13 profits on the back of increased investment and higher sales. Consolidated net profit grew to TRY218m (US$110m) from TRY49m a year earlier.

The first-half performance was mainly driven by income from investment activities of TRY143m compared to just TRY9m a year earlier. First-half domestic sales rose 22 per cent to TRY334m, while sales abroad were up nine per cent to TRY135m, Cimsa Cimento said.

Operating profit increased to TRY71m, up 13 per cent through June, while revenue increased 18 per cent to TRY469m.

Consolidated net profit in 2Q13 rose almost five-fold TRY193.3m from TRY41.6m a year ago, while 2Q13 revenue increased 5.7 per cent on the year to TRY279m.