Steppe Cement's interim loss narrows but revenue plunges on strong dollar

11th Sep 2015 09:31

(ShareCast News) - Construction materials producer Steppe Cement posted a narrower pre-tax loss in the first half of the year, although revenue fell sharply because of strong currency headwinds.In the six months to 30 June, the Kazakhstan-focused group posted a $2.3m pre-tax loss compared to a $6.4m loss in the first half of 2014, while revenue declined 13.7% year-on-year to $44.7m.Due to the devaluation of the tenge, the Kazakh currency, against the dollar, revenue declined 14% year-on-year in dollar terms and fell 9% year-on-year in tenge terms, as average prices dropped 10% in the period.Sales volumes rose 1.1% to 717.654 tonnes of cement, while gross margin improved by 1% as operating costs declined 12% and selling expenses per tonne fell 13% from the corresponding period in 2014.Steppe shares were down 6.86% to 16.30p at 1043 BST on Friday.