The net profit of Kuwaiti cement producer Hilal Cement declined to KWD669,307 (US$2.5m) in the first three months of 2008 from KWD981,908 (US$3.7m) in the corresponding period a year earlier.
Earnings per share (EPS) stood at 12 fils (US$0.045) in the first quarter of 2008, compared with 17 fils (US$0.064) a year ago.
In April 2008, Hilal Cement said it had acquired 100 per cent in a local ready-mix concrete producer for KWD3.2m (US$12.1m).
A month earlier, Hilal Cement bought 100 per cent in local ready-mix concrete producer Gulf Readymix for KWD3.7m (US$14m). In February, a similar deal was concluded in which Hilal Cement acquired Kuwait German Readymix.