Misr Beni Suef Cement H1 net declines 0.8 per cent

Misr Beni Suef Cement H1 net declines 0.8 per cent
Published: 13 August 2008

Egypt’s Misr Beni Suef Cement  posted an 0.8 percent decline in net profit in the first half of 2008 to E£150.5m (US$28.4m), the stock exchange said on Tuesday.
 
In March, Egypt banned cement exports until Oct. 1, saying a construction boom in the most populous Arab country had caused shortages in the local market.
 
"The results should have an effect on the share price but this decline reflects only one operation on a limited number of shares," said Amr Alaa, broker at Prime Securities.

Meanwhile, Tora Cement , Egypt’s third-largest cement company by market value, said on Tuesday its first-half profit fell 19 percent to E£164.3m (US$31m).
 
The company made E£203.3m in the same period a year earlier.