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Vassiliko Cement Works’ posts €4.7m in Q1 after tax profit

Vassiliko Cement Works said that its after tax profit in the first three months of the year rose to €4.7m compared to €853m in the respective period of 2015.

The increase in net earnings in January to March was the result of a strong rise in sales which rose an annual 38 per cent to €26.3m, boosted by increased domestic demand and exports, the cement producer said in a statement on the website of the Cyprus Stock Exchange on Friday.

The company said that the improved profit was also the result of a drop in financing cost, which fell in the first quarter to €199,000 from €295,000 a year before.

“The increase in demand witnessed in the first quarter of the year and the drop in energy cost are positive indications of the company’s prospects,” Vassiliko said.

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