24/11/2010 10:13
The turnover of Vassiliko Cements in the first nine months of the year recorded a sharp decrease, reflecting the difficulties that the construction sector still faces.
Together with the increase in the cost of production, the drop in sales has reduced significantly Vassiliko’s profits.
The Company announced today that its profits stood at €2.4 million against €4.4 million last year without the depreciation cost of €2.5 million.
The turnover fell to €71.8 million from €81.7 million last year.
Domestic demand for cement during the period declined 9.4% to 979 thousand tons from 1.1 million tons last year.
Despite the measures that were taken for the reduction of the cost in 2009 and 2010, the lower demand together with the high electricity and fuel cost in the third quarter of the year affected negatively the profitability.
Its operating profit dropped to €2.8 million from €4.8 million in the corresponding period of 2009.
As for its prospects, the Company continues to face the high cost of energy with the low demand, which – although improved – it is still low.
Together with the increase in the cost of production, the drop in sales has reduced significantly Vassiliko’s profits.
The Company announced today that its profits stood at €2.4 million against €4.4 million last year without the depreciation cost of €2.5 million.
The turnover fell to €71.8 million from €81.7 million last year.
Domestic demand for cement during the period declined 9.4% to 979 thousand tons from 1.1 million tons last year.
Despite the measures that were taken for the reduction of the cost in 2009 and 2010, the lower demand together with the high electricity and fuel cost in the third quarter of the year affected negatively the profitability.
Its operating profit dropped to €2.8 million from €4.8 million in the corresponding period of 2009.
As for its prospects, the Company continues to face the high cost of energy with the low demand, which – although improved – it is still low.
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