27 May 2005 -

Report Summary

Bolu Cement disclosed a net profit of US$ 4.29 mn, in line with our estimate of US$ 4.78 mn, in its IFRS financial statements. Although accounting standards has changed, we do not think that there is a major difference at Bolu’s statements, that the company’s net profit has shown 111% increase from its 1Q04 level of US$ 2.03 mn.

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