Vassiliko profits up at EUR 18.5 mln

Vassiliko Cement Works Pcl (VCW) reported a highly satisfactory preliminary 2006 results with net profit increasing 54.09% YoY to CYP 10.67 mln or EUR 18.46 mln compared to CYP 6.93m in 2005, well above market estimates.

Total sales surged 8.5% YoY to CYP 49.78 mln or EUR 86.12 mln, on the back of  the combined effect of higher volumes and higher prices charged on local sales.

As far volumes are concerned, VCW posted a satisfactory growth of 3.7% YoY in total cement and clinker sales to 1,458k tons. Local sales increased by 2.3% YoY to 1,187k tons, while exports increased by 10% YoY to 271k tons. According to statistical data, quantities of cement sold in the local market increased by 2.4% YoY in FY06 to 1,627k tons, while exports increased by 10.3% YoY in FY06. Overall, total cement sales increased by 3.5% YoY to 1,898k tons.

The Company’s bottom line was positively affected by a revaluation gain of CYP 3.38 mln relating to the value of investment property.