The net profit of Kuwaiti cement trader Kuwait Portland Cement fell to 1.24 mln Kuwaiti dinars ($4.2m) in the first quarter of 2005 from 1.71 mln dinars ($5.8m) in the same period of 2004, the Kuwait Stock Exchange (KSE) reported on May 11, 2005.  The company’s net profit for the first quarter of 2005 included a profit of 455,533 dinars ($1.6m) resulting from the application of the International Accounting Standards (IAS) 39 and 40, which state how proceeds from securities and property should be treated in financial reports. 
 
Kuwait Portland Cement, which trades in cement and construction materials, was established in 1976 and was listed on the KSE in 1995. The company’s net profit fell to 8.05 mln dinars ($27.6m) in 2004 from 15.1 mln dinars ($51.7m) in 2003. 
 
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