Hail Cement profits slips 12 per cent

Hail Cement Company, Saudi Arabia, posted a 11.74 per cent decline in net profit for the first quarter of the fiscal year 2016, according to a bourse filing posted Sunday.

The cement firm generated SAR33m (US$8.8m) net profit, down from SAR37.5m (US$10m)in the prior-year period.

The profit decline was ascribed by the company to a rise in cost of sales due to market volatility.