Vassiliko posts 5% 1H net profit rise

Cyprus-based Vassiliko Cement Works plc generated a net profit of EUR12.7m (US$15.3m) in the first half of 2017, representing a five per cent rise YoY from EUR12.1m in 1H16.

Total revenue rose from EUR49m in 1H16 to EUR52.8m in 1H17, the company said in a statement on the Cyprus Stock Exchange.

Cost of sales rose to EUR35.1m, from EUR30.4m, and distribution costs fell to EUR2.4m, from EUR2.7m. As a result, operating profit before the cost of finance dropped to EUR13.3m, from EUR14m.

The increase in 1H revenue is expected to continue, but the increase in energy cost is expected to remain above that of 2016,” the cement producer said.