Lafarge Cement WAPCO, the Nigerian unit of the world’s biggest cement maker, Lafarge, reported a 23 per cent rise in first-quarter net profit, the Nigerian Stock Exchange (NSE) said on Wednesday.

Profit after tax was 2.39 billion naira (US$16.4m) in the first quarter to March 31, 2009 while gross earnings climbed nearly 66 per cent to 3.57 billion naira from 2.15 billion in the same period of the previous year.

WAPCO’s fixed assets grew in the period to 49.46 billion naira from 34.16 billion naira, representing an increase of 45 percent, while net assets rose 18 percent to 41.40 billion naira from 35.07 billion naira a year earlier.
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