Heracles profit lifted by exports, demand pick up

Greece-based Heracles General Cement Co reported a 9.3 per cent YoY increase in sales for the first half of 2014 to EUR123.4m. At the parent company level, sales reached EUR110.4m, up by eight per cent. 

In an announcement, Greece's largest cement producer said the stronger sales performance was boosted by "increased export activity and stronger domestic demand from low levels.” It added that:  "After five years of continuing recession in the domestic market, sales were positively affected by the increased construction activity in public and co-financed infrastructure and mainly the major road projects.

The Lafarge group company added that over the first half of the year it continued to implement measures to reduce operating costs and optimise performance in its production, supply chain and administration activities, “contributing to the improvement of the gross results of the group and the company".

Loss at the group EBITDA level was reduced to EUR-4.1m compared to EUR-118.5m in the comparative period of last year. At the parent company level, the EBITDA was EUR -0.085m versus EUR-115.2m in 1H13.

The group recorded net losses after taxes of EUR-17.5m for the first half of 2014, from a EUR-108.8m loss in the same period of 2013.