Cypriot Vasilico Cement Posts US$7m net profit 2003

Cypriot cement manufacturer Vasilico Cement posted a net profit of US$7m for 2003 against US$12m for 2002, the company said.

The company’s board will propose at a forthcoming annual shareholders’ meeting the distribution of a total CYP1.1m ( in final dividend for 2003, equal to CYP0.02 pounds/per share, or eight per cent of Vasilico’s share par value. Vasilico paid CYP806,000 (US$1.7m) in interim dividend for the same year.

In 2002, the company paid overall dividend of CYP1.6m (US$3.3m). Vasilico Cement reported sales of 1,266,000t of cement and clinker for 2003, up from 1,223,000t for 2002, the company’s unaudited financial results showed.  The company’s cement and clinker sales on the domestic market increased to 848,000t from 753,000t. Cement consumption in Cyprus stood at 1.303Mt, up by 10.1 per cent YoY.