Adana Cement registers a 54% fall in Q4 profits

Turky's Adana Cimento, part of the Turkish Oyak cement group, reported net earnings of 12 million Turkish lira in the fourth quarter of 2008, down 54% for the year. [$]

The management of Adana Cimento attributed weak results to high energy and freight rates, and sluggish demand, Balkans reported. In 2008, net profit fell 42% to 107 million Turkish lira. 

Adjusting full-year 2007 net earnings for a one-off item - a 35,4-million-lira profit from the sale of a stake in local cement maker Oysa - net earnings for 2008 declined by 28%, management said in a statement, Balkans said.

Revenue declined by 8% to 62 million lira in the fourth quarter. {/reg}