Egypt’s Suez Cement made net loss of US$6.23mn in Q3 2015

Egypt's Suez Cement, the country's largest listed cement maker by market value, said it made a net loss of US$6.23 million (EGP 50 million) in Q3 2015, compared with a net profit of $6.45 million (EGP 52 million) a year earlier, Reuters reports. Revenue fell to $146.15 million (EGP 1.177 billion) in the three months ending September 30 from $179.06 million (EGP 1.442 billion), it said.
November 6, 2015 Read time: 1 min

Egypt's 7903 Suez Cement, the country's largest listed cement maker by market value, said it made a net loss of US$6.23 million (EGP 50 million) in Q3 2015, compared with a net profit of $6.45 million (EGP 52 million) a year earlier, 6393 Reuters reports.

Revenue fell to $146.15 million (EGP 1.177 billion) in the three months ending September 30 from $179.06 million (EGP 1.442 billion), it said.

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Suez Cement posts 57.26% net profit drop in Q2

For its second quarter (Q2) of 2015, Suez Cement's net profit declined 57.26% year-on-year to EGP 60.9 million (€7.18 million/US$ 7.77 million) from EGP 142.5 million.

During the quarter under review, the company's revenue fell 15% when compared to Q2 of the previous year.

Suez Cement's Q2 performance was attributed to the company's process of diversifying its energy sources to reduce shortages that affected the company's profits negatively.

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