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LONDON (Alliance News) - Steppe Cement Limited Monday reported an increase in pretax profit for the first half, boosted by an increase in sales and prices.
The cement producer, operating in Kazakhstan, posted pretax profit of USD3.8 million for the period ended 30 June, up from USD391,000 a year earlier, while revenue rose 4% to USD54.3 million, from USD52.2 million in 2012.
Steppe said operating income almost doubled to USD6.2 million, compared with USD3.2 million a year earlier, while it also reduced its finance costs.
Overall, the company said sales increased 4%, while the average sales price of cement increased 13% to USD96 per tonne from USD85 per tonne last year. Cement prices in the second half are expected to be comparable to the first six months, the firm added.
Steppe said it made USD6.1 million of principle repayments to the European Bank for Reconstruction and Development and HSBC Holdings PLC during the period and will repay the same amount in the second half.
The construction materials firm said the Kazakhstan cement market was picking up, increasing 11% during the period. However, it said its own market share had decreased to 15% from 19% a year earlier.
The company said it has commissioned two new cement production lines in 2014.
Steppe shares were trading at 36.27 pence Monday morning, down 0.98 pence or 2.6%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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