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FINANCIAL NEWS
Egypt- Suez Cement net profits decline 8.5%
28 Oct 2010
(MENAFN) Egypt’s Suez Cement Group said that its nine-month net profit fell 8.5 percent to $157 million, with sales down despite rising grey cement consumption, Reuters reported.
Suez, Egypt’s largest listed cement company and a subsidiary of Italcementi, said consolidated net sales in the period fell 2.1 percent to $812 million, while operating income slipped 10 percent to $185 million.
Egypt’s grey cement consumption grew 2.8 percent in the first nine months of 2010, the company said, without giving a reason for the decline in its earnings.
The drop was greater than the 1.9 percent fall in first-half net profit that it reported in August.
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