Egyptian cement producer Misr Cement Qena posted a net profit of 15.92m Egyptian pounds (US$2.6m/2.1m euro) for the first quarter of 2004, against a net loss of 5.79m pounds (US$937,000/769,000 euro) in the same period of 2003.
The company’s improved performance was attributed to the 114.65 per cent YoY rise in net sales to 66.48m pounds (US$10.8m/8.8m euro), which was accompanied by a 53.2 per cent increase in the cost of sales to 39.45m pounds (US$6.4m/5.2m euro). As a result, gross profit grew to 27.02m pounds (US$4.4m/3.6m euro) from 5.22m pounds (US$845,000/693,000 euro).
The company’s total expenses increased 26.3 per cent to 14.65m pounds (US$2.4m/1.9m euro). Interest expenses were up 26 per cent to 12.93m pounds (US$2.1m/1.7m euro), while the administrative and general expenses increased to 1.53m pounds (US$248,000/203,000 euro) from 1.13m pounds (US$183,000/150,000 euro).