ECONOMY

Turkey’s Oyak Cement 2007 sales went up by 10 percent, chairman says

ISTANBUL (Reuters) – Turkish company Oyak Cement Group’s net sales rose some 10 percent to 850 million ($690 million) last year, while EBITDA was 400 million lira, its chairman said yesterday, quoting preliminary results. Celal Caglar, chairman of Oyak Cement, whose four cement units are listed, told Reuters the company targeted net sales of 915 million lira this year, including exports of 268 million lira. In volume terms, the four companies’ sales were up 10 percent at 7.8 million tons last year, excluding ready-mixed concrete. He did not provide export data for 2007 nor comparative figures for earnings before interest, tax, depreciation and amortization (EBITDA). Its four listed companies are Adana Cement, Bolu Cement, Mardin Cement and Unye Cement. «Generally speaking 2007 was in line with our expectations. We expected 9-10 percent (net sales growth) and that is what we got,» Caglar said. «We are content with our profitability. We think we will end up with a profit similar to that in 2006,» he said.