By Stelios Orphanides
Vassilico Cement Works Plc said that it generated a net profit of €12.7m in the first six months of 2017 against €12.1m in the respective period of 2016.
Total revenue rose in the first six months of the year to €52.8m, from €49m, the previous year, the cement producer said in a statement on the Cyprus Stock Exchange website on Thursday.
Cost of sales rose to €35.1m, from €30.4m, and distribution costs fell to €2.4m, from €2.7m, respectively. As a result, operating profit before the cost of finance dropped to €13.3m, from €14m.
The rise in taxation in the first six months of the year to €1.8m, from €1.9m, a year before and an increase in other revenue offset the impact from increased costs, the company said.
“The increase in revenue in the first half of the year is expected to continue but the increase in energy cost is expected to remain above that of 2016,” the cement producer said.