Lithuania: Akmenes Cement suffers losses of EUR5m

Akmenes Cementas last year saw its net losses soar to EUR4.864m, more than a five-fold increase from EUR902,400 in 2014. Annual revenue fell by 6.5 per cent to EUR55.44m, Akmenes Cementas said its annual report filed with Lithuania's Center of Registers.

The company's  total cement sales rose by eight per cent in 2015 from 2014 to 979,000t, including 513,000t in the domestic market (52 per cent of the total sales), 291,000t in Russia (30 per cent), 153,000t in EU markets (16 per cent) and 22,000t in Belarus (two per cent).

Sales revenue in Lithuania dropped by 14.5 per cent to EUR32.8m, but sales revenue in other countries went up by 9.2 per cent to EUR21.1m.

According to the report, the company aims to increase sales and break even this year. Dutch-registered Rugby Holding, a company controlled by Cemex, held 37.84 per cent of shares in Akmenes Cementas at the end of 2015.