Vassiliko issues negative profit warning

Vassiliko Cements Public Company Ltd (VCW) issued a negative profit warning with respect to its first half 2008 results. According to the announcement, the Group’s profits for 1H 2008 are expected to be lower compared to the corresponding results of 2007. The decline is attributable to the significant increase in production costs as a result of the constant increase in the price of fuel and energy combined with a cap in the sale price of cement.
VCW reported profit after tax of EUR8.6mln in 1H 2007 on the back of local cement sales but still negatively affected by rising energy prices and specifically pet-coke which is the main input in VCW’s production process.