Egypt’s Torah Cement 9-month net profit up 1 pct
Egypt's Torah reported an 8.5 percent dip in its nine-month profit on Oct. 28.
November 11, 2010 3:42 by Reuters
Egypt’s Torah Cement posted a 1 percent rise in nine-month net profit to 270 million Egyptian pounds ($46.9 million), the stock exchange said on Thursday.
Shares in the company closed up 3.3 percent at 30.5 pounds before the results were published, as the benchmark Egyptian index dipped 1.1 percent.
Torah is a subsidiary of Egypt’s largest listed cement maker, Suez Cement , which reported an 8.5 percent dip in its nine-month profit on Oct. 28.
Suez, itself a subsidiary of Italcementi , holds a little more than a quarter of Egypt’s grey cement market and 42 percent of its white cement market.
(Reporting by Sarah Mikhail; Editing by David Holmes)