Krasnoselskstroymaterialy chases profits in Poland and Russia

Belarus cement producer Krasnoselskstroymaterialy is optimistic that its finances will return to the black by the end of 2016, reports BelTA news agency. The enterprise will seek to boost its exports to Russia and Poland while raising its output of cement.

"We have refocussed our enterprise and penetrated new markets in Poland and Kaliningrad Oblast. When we only started to penetrate them we had to cut prices and reduce the profitability of sales. But all new contracts in Russia and Poland already have more than 11 per cent profitability," said Valentin Veretilo CEO of Krasnoselskstroymaterialy. "Therefore, by the end of the year we plan to cover losses, we will only have to pay back the loans issued to us because of the big accounts receivable."

“We have preserved our positions on the markets, we are boosting export, enterprises have become more financially reliable, therefore, we will be in the black by the end of the year," said Mr Veretilo. "Our net profit from product sales made up BYR13.5bn (US$0.671m) (pre-redenomination) in June." He added, "We are also increasing the output of cement."