Business
Interim Results - Replacement
Interim Results - Replacement.
About this update from Steppe Cement Ltd
[{"type":"text","content":"\n RNS Number : 8177C Steppe Cement Limited 05 September 2008 \n \n\nThe following amendment has been made to the 'Interim Results' announcement released on 05 September 2008 at 08:16 under RNS No 8134C\nThe date above the second column of comparable figures should read '6 months ended 30 June 07' and not '6 months ended 30 June 08' as was previously shown.\n\nAll other details remain unchanged.\n \nThe full amended text is shown below.\n\n\nSteppe Cement Ltd\nInterim Results for the Half Year Ended 30 June 2008\nand General Market Update\n\n\n\n1. Interim Results\n\nSteppe Cement Ltd ('Steppe Cement') is pleased to announce a consolidated profit after tax for the six months ended 30 June 2008 of US$14.6 million.\n\nSteppe Cement's operating results are summarized below:\n\n\n\n\n\n\n\n\n6 months\nended\n30 June 08\n\n\n6 months ended\n30 June 07\n\n\nInc/\n(Dec)\n%\n\n\n\n\nSales (tonnes)\n\n\n412,042\n\n\n382,080\n\n\n8%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nConsolidated turnover (US$ Million)\n\n\n52.3\n\n\n38.7\n\n\n35%\n\n\n\n\nConsolidated profit after tax (US$ Million)\n\n\n14.6\n\n\n10.6\n\n\n38%\n\n\n\n\nEarnings per share (Cents) \n\n\n12.8\n\n\n9.3\n\n\n38%\n\n\n\n\nExchange rate (USD/KZT)\n\n\n120.5\n\n\n123.1\n\n\n\n\n\n\n\n\nSteppe Cement's net profit has increased by 38% compared to the corresponding period in 2007. At the operational level, sales grew by 32% in Tenge and volumes have increased by 8%. Average sales price rose to US$126/ton during the period compared to US$101/ton achieved in the corresponding period last year.\n\nProduction costs have increased by 19% on line with Kazakhstan inflation and mainly due to rising costs of utilities, coal, transportation, oil and labor. These cost increases will be balanced in the coming months as the dry lines are progressively brought into production.\n\nThe pace of investment has accelerated over the last 6 months after we cleared the remaining imported goods from customs. Investment in plant and equipment during the first six months was US$ 54 million.\n\n2. Update on the Kazakh Cement Market\n\nThe Kazakhstan cement market decreased by 15% during the first half of the year. The imports' share of the market has gone down from 44% to 33% of the total while local pr...