The Cyprus Cement Public Company Ltd presents the Interim Management Statement of the Group for the period from January 1st 2016 until today. The Interim Management Statement has been prepared in accordance to the provisions of Article 11 of the Transparency Requirements (Securities Admitted to Trading on Regulated Market) Law of 2007 (Ν190 (I)/2007).
The principal activities of Group remain the same as those in 2015, which are the development/improvement of land, and the holding of strategic investments in companies operating in hotel and tourism industry and in the industry of manufacturing and sale of cement and other related activities.
During the reporting period, the Group shows significant profits compared to marginal profits in the corresponding period of 2015.
This is due to the improved results of its associated company Vassiliko Cement Public Company Ltd, which shows significant improved results compared to the corresponding period of 2015. The improved results is mainly due to the significant increase of the company’s income from increased demand in the domestic market and exports, as well as the reduction of production and finance costs.
Events and transactions
There are no other significant events and transactions, other than the normal operations activities of the Group, which have an impact on Group’s financial position.
Developments and Prospects
The Board of Directors and the Management taking into account the current negative economic situation in Cyprus, as well as the global crisis, believes that the results for the year might show fluctuations, which due to the uncertainties in the market, might be difficult to predict.
C.C.C. Secretarial Ltd
Limassol, 26th May 2016