Turkish Bolu Cimento Q1 2005 Net Profit rises to US$4.3m

Turkish cement and clinker producer Bolu Cimento posted a 5.8m new Turkish lira (US$4.3m/€3.3m) net profit for the first quarter of 2005, compared to 1.68m lira (US$1.3m/€969,000) for the same period of 2004.

The company’s net profit margin for the first three months of 2005 rose to 26 pct from eight per cent a year ago.

According to a report by brokerage Alan Yatirim, Bolu Cimento will end 2005 with 145m lira (US$107.8m/€83.6m euro) net revenues and a 42m lira (US$31.2m /€24.2m euro) net profit. The company registered a 24m lira (US$17.8m/
€13.8m) net profit on US$120m lira (US$89.2m/€69.2m) net revenues in 2004.

Bolu Cimento, having an annual capacity of 2.6Mt of cement and 1.3Mt of clinker, markets its products in the Turkish Black Sea, Marmara and Central Anatolia regions. It sells its cement production in Turkey and exports a significant part of its clinker output.

The company plans to produce 1.32Mt of clinker and 1.55Mt of cement in 2005. In 2004, it projected production of 1.15Mt of clinker and 1.34Mt of cement. However, the company produced 1.35Mt of clinker and 1.62Mt of cement selling 1.56Mt of cement and 220,000m3 of ready-mix concrete.

Bolu Cimento plans to spend 10.3m lira (US$7.7m/€5.9m) on investments in 2005. The company is part of the cement division of Turkish army pension fund Oyak.