Ceskomoravsky full-year profit hit by low domestic consumption levels

Ceskomoravsky Cement, the leading cement producer in the Czech Republic, posted a profit of CZK586m (EUR21.122m) last year, continuing a decline that began in 2009. The wholly-owned HeidelbergCement group company saw sales revenue down by CZK100m to CZK2.68bn, Ceskomoravsky Cement said in its annual report.

The decline is attributed to falling domestic consumption which last year was down by six per cent to a record low of 3.2Mt.

"The continuing impacts of the economic crisis and absence of growth measures led to the lowest ever cement consumption in the country last year," Ceskomoravsky cement board chairman Jan Hrozek said in the annual report.

Cement demand is expected to edge ahead by around six per cent in the near-term to reach 3.4Mt and 3.6Mt in 2014 and 2015, respectively, according forecasts by local industry sources.