UAE’s Gulf Cement Q3 profit plunges

UAE’s Gulf Cement Q3 profit plunges
12 November 2008

Gulf Cement Co , the UAE’s largest cement producer, posted a third-quarter net profit of just AED2.3m ($626,200), down from AED85.3m a year earlier mainly on investment losses.

A statement posted on the Abu Dhabi bourse website said the company’s investment portfolio had incurred a loss of AED42m in the first nine months of 2008 "due to the current situation in regional stock markets".

Nine-month operating profit climbed 44 percent to AED250.6m as sale prices increased by an average 23 per cent, outpacing costs which went up 15 pe rcent, it said.
Published under Cement News