CYPRUS: Profits for the cement industry

Vasiliko Cement Works Public (VCWP), a subsidiary of Cyprus Cement Public Company (CCPC), saw a recent increase in its exports to other neighbouring countries and a reduction in its cost of production. The Group however realised a slight reduction in its profits compared to last year’s respective period.

The Cyprus Cement Public Company (CCPC) presented today its interim management statement for the period between July 1 and November 20 in accordance to the rules and regulations of the Cyprus Stock Exchange regulated market.

The main activities of the Group remain the same as 2014 concentrating on the development of land, strategic investments in the hotel industry and cement manufacturing and distribution.

In its statement the company reaffirms that, as with any other company operating in Cyprus, the future performance depends heavily on the macroeconomic performance of the Cyprus economy overall. The statement adds that the markets’ fluctuations both domestically and globally create an unstable financial environment making it difficult to predict the future performance of any company.

CYPRUS: Cement workers to continue strike action

Εmployees at the Vasilikon cement factory have vowed to continue strike action indefinitely until owners implement the terms of the collective wage agreement. 

During a meeting of employees, representatives of unions SEK, PEO and DEOK appealed to employers to accept the Labour ministry mediating proposal.

The strike action follows a 24 hour warning strike on February 7th, with employees saying that the company continues to act unilaterally, violating the collective agreement.

The employers and industrialists federation expressed disappointment on the decision to strike indefinitely and called on unions to consider the consequences of their actions both for the cement factory as well as the construction industry that is facing a major crisis.