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FINANCIAL NEWS
Saudi Yanbu Cement reports 25% decline in profits
12 Jul 2010
(MENAFN) Yanbu Cement Company said in a statement that it posted a 25 percent drop in second-quarter net profit as sales fell amid increased competition and a ban on exports, Reuters reported.
Yanbu Cement made a net profit of $30.13 million in the three months ending June 30, compared with $40.3 million in the same period a year earlier.
The reason for the drop is the decline in the amount and value of sales due to the strong competition and the ban on exports, the firm said in a bourse statement.
Operating profits declined by 23.7 percent to $30.9 million, the company said.
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