Heracles reports H1 profit increase

Heracles reports H1 profit increase
31 August 2006

Athens-quoted Aget Heracles SA on Wednesday announced group sales of Euro 329.5m for the first half of 2006, up 14.8 per cent against the same period of  2005.  The parent company’s sales totalled Euro 294.4m in the first half, up by 14.8 per cent, management said in a statement. 
"The increase in turnover is mainly resulting from the increase in domestic  sales volumes as well as from the higher export prices in the international market," the statement said. 
"The dynamics shown by the domestic cement and ready-mix concrete market in the  first semester of 2006 is attributed to the significant growth of the private building activity and to favorable weather conditions," it noted. 
The Group’s gross profit margin was 21.2 per cent, up from 18.9 per cent.  "Group and company earnings were positively affected by the increased participation of domestic sales in total sales and by increased exports prices,  while they were partially offset by increased prices in fuel, electric power  and raw materials," management noted. 
The Heracles Group of Companies, a member of Lafarge, is Greece’s largest cement producer, with a production capacity of 9.6Mta. It remains the largest cement exporter in Europe. 
Published under Cement News