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FINANCIAL NEWS
Lafarge Cement Jordan posts 73% decline in profits
05 Aug 2010
(MENAFN) Lafarge Cement Jordan, the country’s leading cement producer, posted a 73 percent fall in first-half net profit to $13.3 million, on weaker domestic sales.
Sales fell 38 percent to $138 million from the previous year, hit by weaker domestic consumption as the country reels from the impact of the global downturn.
The firm’s bottom line has also been hurt by a flood of cheap clinker imports using subsidized fuel from Saudi Arabia that gave an advantage to its local competitors, a company source said.
The firm, which until last year was the country’s sole producer, is managed by France’s Lafarge, the world’s largest cement producer, which is by far the biggest shareholder with a 50 percent stake.
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