Egyptian cement producer Misr Cement Qena reported a net profit of 36.51 mln Egyptian pounds ($5.9 mln/4.8 mln euro) for the first half of 2004, against 2.79 mln pounds ($447,000/365,000 euro) in the year-earlier period. The increase in earnings was attributed to the 67.4 pct year-on-year upswing in net sales to 150.11 mln pounds ($24.1 mln/19.6 mln euro). The cost of sales rose 47 pct to 89.9 mln pounds ($14.4 mln/11.8 mln euro), which resulted in a gross profit of 63.21 mln pounds ($10.1 mln/8.3 mln euro), up from 28.52 mln pounds ($4.8 mln/3.7 mln euro).
The company’s total expenses increased 5.6 pct to 29.05 mln pounds ($4.7 mln/3.8 mln euro). Interest expenses totalled 3.1 mln pounds ($497,000/406,000 euro), while the general and administrative expenses stood at 25.11 mln pounds ($4.0 mln/3.3 mln euro). Misr Cement Qena also reported interest income of 562,000 pounds ($90,000/73,000 euro), up from 277,000 pounds ($44,300/36,200 euro). Other income rose 18.2 pct to 1.77 mln pounds ($284,000/232,000 euro), while foreign exchange gains and extraordinary income stood at 578,000 pounds ($92,000/75,000 euro) and 281,000 pounds ($45,000/36,700 euro) respectively.