Egypt’s Sinai Cement says 2006 profit up 58 per cent

Egypt’s Sinai Cement says 2006 profit up 58 per cent
Published: 06 March 2007

Egypt’s  Sinai Cement reported a 58 percent increase in 2006 net profit to E£286.9m (US$50.3m), the company said in a statement to the stock exchange on Monday.  
 
Net profit in 2005 was E£182m.  
 
HSBC has downgraded its price target for the shares to E£40  from E£47  and maintained its "underweight" rating for the stock.  
 
Most cement and steel stocks in Egypt have been hit after a government decision late in February to impose duties on exports of cement and steel.