Egypt’s South Valley Cement Q1 net falls 76%

Egypt’s South Valley Cement Q1 net falls 76%
Published: 29 June 2011

Egypt’s South Valley Cement first-quarter net profit fell 76 per cent to EGP9.7m (US$1.63m), the stock exchange said on Tuesday.

The firm’s net profit for the same three-month period a year earlier was EGP40.7m, according to the statement, which gave no further details.

South Valley Cement had posted a 66 per cent decline in its full-year 2010 net profit.

South Valley Cement also announced that its cement plant will be fully operational within the coming three weeks. In addition, Arab Swiss Engineering Co will mange manage the cement plant for five years.