Vasiliko Cements Works Public Company Ltd. reported consolidated earnings results for the year ended December 31, 2011. For the period, the company has reported revenues of EUR 90,306,000 compared to EUR 97,745,000 for the same period a year ago. The reduction of revenues was due to the economic downturn which has affected heavily the construction industry in Cyprus. Operating profit before financing costs was EUR 2,532,000 compared to EUR 250,000 for the same period a year ago. Loss before income taxes was EUR 143,000 compared to profit of EUR 2,132,000 for the same period a year ago. Loss attributable to equity holders of the company was EUR 1,174,000 compared to profit of EUR 1,310,000 for the same period a year ago. Basic and diluted loss per share was EUR 1.6 compared to EPS of EUR 1.8 for the same period a year ago. The operating results of the group during 2011 was further adversely affected by the increase of electricity and fuels prices, as well as non-recurring transition costs relating to the decommissioning of the old plants and start-up of the new production line, aiming to improve future efficiency. The company appointed Mrs. Rena Rouvitha Panou as a non-executive independent member of the Board of Directors, with immediate effect. Mrs. Rena Rouvitha Panou studied Economics at the London School of Economics, where she was a Metcalfe Scholar and proceeded with post graduate studies at the University of Cambridge (M.Phil. Economics) and the Massachusetts Institute of Technology (Science Master's in Management), where she was a Fulbright Scholar. Mrs. Rouvitha Panou is currently the Chairman of the Cyprus Development Bank.