Vassiliko Cement Cyprus profits up on revaluation gain

The Board of Directors of Vassiliko Cement Works Public Company Ltd approved the results for 2009, which amounted to EUR5.9 mln profit after tax compared to EUR 5.68 mln in 2008 despite the fact that total revenue fell to EUR 107.98 mln in 2009 from EUR 127.73 mln in 2008.
The decline in revenue was mainly due to the reduced activity in the construction sector, negatively affecting cement sales. In volume terms, total quantity of cement and clinker sold for 2009 stood at 1,522k tons (-21.5% yoy).
Despite the downturn in revenue net profit after tax amounted to EUR5.9mln mainly attributed to gains of EUR6.4 mln resulting from both the revaluation and the disposal of investment property.