(Alliance News) - Steppe Cement Ltd on Monday reported weak quarterly performance, but said year-to-date revenue benefited from rising cement prices.
The construction materials producer said revenue in the three months to the end of September was 10% lower compared with the prior year, at KZT10.56 billion, about GBP22.1 million.
A sales volume of 576,692 tonnes was achieved during the third quarter, Steppe said, an 11% decrease from the third quarter of 2018.
More positively, for the first nine months of 2019 revenue rose by 10% to KZT24.64 billion from KZT22.42 billion year-on-year. Sales volume, however, decreased by 2% to 1.4 million tonnes compared to the same period in 2018.
The average price for delivered cement was KZT18,157 per tonne in the first nine months compared with KZT16,161 per tonne last year. The ex-factory price stood at KZT15,301 per tonne, an increase of 19% over KZT12,893 in the first nine months of 2018.
Steppe shares were trading 1.5% lower on Monday morning in London at 28.75 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Steppe Cement (STCM)