Egypt: National Cement swings to full-year loss
National Cement Co swung to a net loss of EGP138.4m (US$19.35m) in the fiscal year ended 30 June 2014 from a net profit of EGP93.5m for the year-earlier period.
The pretax loss for the reported 12 months amounted to EGP135.5m, versus a pretax profit of EGP93.31m.
The Egypt-based producer attributed the sharp negative change in its financial performance to two main factors: lower production costs of its competitors and discounts prices amid fierce market competition.
