Podilskyi Tsement reports 2011 net loss, Ukraine

Ukrainian producer, Podilskyi Tsement, has reported loss of UAH9.67m (US$0.9m) for 2011 but the domestic construction sector is showing signs of a reversal in fortunes.

The company which has a cement capacity of 3.7Mt and is part of the CRH Group, reported a net profit of UAH16.599m in 2010  having trimmed net revenues by 13.68% compared to 2009.

After witnessing a downward trend between 2008-10, construction output in Ukraine started to grow in 2011, largely due to the advancement of work relating to the Euro 2012 Football Championships, which the country is co-hosting with Poland. Recent figures from PMR Research show during January-October 2011, the value of construction works carried out in Ukraine increased 11.7 per cent in real terms and by almost 42 per cent to UAH45.1bn (US$5.6bn). This 10-month value exceeds full year 2010.