Ciments du Maroc posts positive 1H14 results

Ciments du Maroc saw turnover increase to MAD1.63bn (US$185m) in 1H14, up 16.4 per cent from MAD1.4bn the same period the previous year.

However, the company also experienced a 22 per cent rise in costs from MAD976.47m in 1H13 to MAD1.19bn, particularly in terms of raw materials and labour costs. This resulted in an operating profit of MAD444.234m, 7.8 per cent lower than the MAD481.56m noted in the first half of 2013. But a substantial reduction in financial charges helped net profit to edge up to MAD628.73m from MAD613.344m.