Egypt’s Tora Cement profit down after export ban

Egypt’s Tora Cement profit down after export ban
Published: 13 November 2008

Egypt’s Tora Cement posted a 29 percent decline in profit in the nine months to the end of September after Egypt imposed a ban on cement exports for most of the year.

The company said it made 206.4 million Egyptian pounds ($37 million) during the period. It did not give further details in a release to the stock exchange, and the company did not answer calls to its office.

Egypt ended a cement export ban, imposed on March 29 to ease a local shortage, at the beginning of October. The government later cancelled a cement export tax to help exporters.

Torah Cement is a subsidiary of Suez Cement , which is itself majority-owned by Italy’s Italcementi .