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News Tokyo Cement Group increases first-quarter turnover as volumes drop so far in 2023 financial year

Tokyo Cement Group increases first-quarter turnover as volumes drop so far in 2023 financial year

Written by Global Cement staff 09 August 2022
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Sri Lanka: Tokyo Cement Group increased its turnover to US$45.2m in the first quarter of it 2023 financial year, up by 53% year-on-year from first-quarter 2022 financial year levels. A shortage of imported raw materials and the country’s on-going fuel crisis hampered local cement demand. The group’s cement sales volumes declined during the quarter, while its cost of sales increased by 24% year-on-year. ‘Steep’ currency depreciation compounded the effects of the increase in expenses. Nonetheless, the company recorded a profit of US$1.48m.

The producer said “Tokyo Cement has taken many proactive measures to minimise the impact of economic downturn on the group's performance. Anticipating a challenging environment, the group has reforecasted demand, rescheduled sourcing and production plans, and adjusted cash flows accordingly. The group has deployed drastic cost saving measures, streamlined operations, and postponed capital expenditure. While the short to medium term economic landscape remains uncertain, Tokyo Cement has a proven track record of resilience and resurgence, and is committed to rebuilding the nation, stronger than ever before.”

Last modified on 10 August 2022
Published in Global Cement News
Tagged under
  • Sri Lanka
  • Tokyo Cement
  • Results
  • demand
  • Consumption
  • Raw Materials
  • currency
  • construction
  • market
  • fossil fuels
  • inflation
  • Strategy
  • Forecast
  • costs
  • Sri Lanka Central Bank
  • GCW569

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