Egypt’s Suez Cement, majority owned by Italy’s Italcementi, reported a 24 per cent drop in 2006 net profit on Thursday to 799 million Egyptian pounds (US$140 million), the stock exchange said.
It said net profit for 2005 was 1.045bn pounds, but gave no other details. Shares in Suez Cement closed 0.7 per cent lower at 62.51 pounds.
Torah Cement, itself a subsidiary of Suez Cement posted a 70 per cent drop in 2006 net profit to 231 million Egyptian pounds (US$40.6 million) on Thursday, the stock exchange said in a statement.
The firm reported 763 million pounds of net profit for 2005, the statement said, giving no further details. Torah shares closed 2.1 per cent lower at 132.50 pounds.