Akmenes posts decline in 2015 revenue

Akmenes posts decline in 2015 revenue
Published: 08 February 2016

Lithuania's sole cement manufacturer Akmenes Cementas posted a decline of around six per cent in 2015 revenue to EUR55.4m from EUR59.2m a year earlier.

Nearly 50 per cent of revenue derived from exports, mainly to Poland, Scandinavia and Russia's exclave of Kaliningrad, the Verslo Zinios business daily reported on Friday.

“Cement consumption more or less reflects the situation in the Lithuanian construction sector. In 2013 cement consumption rose by approximately 10 per cent whereas in 2014 the market shrank by five per cent and in 2015 – by another approximately seven per cent. Competition is getting stronger,” Akmenes Cementas CEO, Arturas Zaremba, told the daily.

Cement manufacturers from Belarus, which seek to force their way into the neighbouring EU markets, had a market share of approximately 15 per cent of Lithuania’s cement market, he said, adding that vendors in Lithuania were also selling cement from Latvia and Sweden.