UAE’s Gulf Cement Q3 profit plunges

UAE’s Gulf Cement Q3 profit plunges
Published: 12 November 2008

Gulf Cement Co , the UAE’s largest cement producer, posted a third-quarter net profit of just AED2.3m ($626,200), down from AED85.3m a year earlier mainly on investment losses.

A statement posted on the Abu Dhabi bourse website said the company’s investment portfolio had incurred a loss of AED42m in the first nine months of 2008 "due to the current situation in regional stock markets".

Nine-month operating profit climbed 44 percent to AED250.6m as sale prices increased by an average 23 per cent, outpacing costs which went up 15 pe rcent, it said.