20/11/2015 13:50
The euro weakness against the dollar benefited Vasiliko aiding the sole cement producer of the island to register a healthy increase in its profits.
According to a today's announcement by VCW, the net profit for the first nine months of the year reached €7,2 mn compared to €4,2 mn in the corresponding 2014 period, a 69% increase.
The company's turnover increased by 5,4% to €66,3 mn from €62,9 mn while at the same time the cost of sales decreased to €49,5 mn from €52,2 mn.
According to the company the drop in the exchange rate of the euro against the dollar aided in achieving better pricing.
The lower fuel prices seem to have benefited the company as well.
The above resulted in a 56,8% increase in gross profit to €16,7 mn.
When taking into account operating expenses VCW's operating profit reached €9,6 mn compared to €6,1 mn in 2014, a 59% increase.
Net interest expenses were substantially lower as they stood at €0,6 mn from €1,6 mn last year.
At the back of its strong performance, the company announced a €4,3 mn dividend payment which translates into a 6 cent per share dividend to be paid in December.
According to a today's announcement by VCW, the net profit for the first nine months of the year reached €7,2 mn compared to €4,2 mn in the corresponding 2014 period, a 69% increase.
The company's turnover increased by 5,4% to €66,3 mn from €62,9 mn while at the same time the cost of sales decreased to €49,5 mn from €52,2 mn.
According to the company the drop in the exchange rate of the euro against the dollar aided in achieving better pricing.
The lower fuel prices seem to have benefited the company as well.
The above resulted in a 56,8% increase in gross profit to €16,7 mn.
When taking into account operating expenses VCW's operating profit reached €9,6 mn compared to €6,1 mn in 2014, a 59% increase.
Net interest expenses were substantially lower as they stood at €0,6 mn from €1,6 mn last year.
At the back of its strong performance, the company announced a €4,3 mn dividend payment which translates into a 6 cent per share dividend to be paid in December.
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