Egypt’s Misr Cement Qena net falls 16 per cent

Egypt’s Misr Cement Qena net falls 16 per cent
Published: 31 October 2011

Egypt’s Misr Cement Qena said on Sunday its nine-month net profit fell 16 per cent from a year earlier.

Net profit fell to EGP263.7m (US$44.2m) from 313.9m pounds in the first nine months of 2010, it said in a statement released by the stock exchange.

The firm also said it had shut its factories indefinitely because of a strike by employees demanding higher wages.

Ahmed Imam, a company official, told Reuters the firm operated one factory with production capacity of 5400tpd of cement.