Cement maker’s net profit drops 54%
The net profit of the cement making company Sukholozhskcement dropped by 134.96m RUR, or 54% in the first quarter of 2011, that is, from 248.81m RUR in the fourth quarter down to 113.85m RUR in the first quarter of 2011.
According to the company, this loss had to do with a 9% drop in cement sales revenues in the first quarter of 2011 compared with the fourth quarter of 2010. The decrease in revenues, in its turn, was brought about by the changing shipment volumes. What is more, the prime cost of the cement sale went up by 19%. The company’s other profits declined by 65%, mainly due to the fluctuating exchange rate (-73%) and decreased TMZ liquidation profits (-55%).
According to the company, this loss had to do with a 9% drop in cement sales revenues in the first quarter of 2011 compared with the fourth quarter of 2010. The decrease in revenues, in its turn, was brought about by the changing shipment volumes. What is more, the prime cost of the cement sale went up by 19%. The company’s other profits declined by 65%, mainly due to the fluctuating exchange rate (-73%) and decreased TMZ liquidation profits (-55%).
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