Steppe Cement performance buttressed by Kazakh city projects
September 05. Universal Newswires
Leading Kazakh construction materials provider Steppe Cement said Friday its performance was buttressed by ongoing expansion in Kazakhstan’s major cities.
The company limited its losses during the first half of 2011 thanks to strong demand for materials for big building projects in the capital Astana and southern business capital Almaty, the company said in a statement.
First half year results showed a loss before tax of $2.8 million, compared with $4.6 million during the period Jan-Jul 2010.
“The Kazakhstan government has continued its infrastructure projects and ongoing support for completion of real estate projects in Almaty and Astana,” Steppe Cement said.
As a result, the cement market increased by 4 percent this year and is expected to grow to 8 percent by December 2011, Steppe Cement said.
State authorities plan to continue to expand building construction in the smaller cities, it noted.
Revenues amounted to $43 million, up from $31.6 million in the previous period.
The company edged up its market share to 21 percent this period from 20 percent in the last period.
Steppe Cement increased production of cement by 15 percent in the period Jan-Jun 2011.