ArabianBusiness.com - Middle East Business News
Sunday, 22 November 2009 02:15 UAE time

YOUR DIRECTORY /

| Share |

UAE's Gulf Cement Q3 profit plunges on investment loss

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 11 November 2008
NOT SO SOLID: Ras Al-Khaimah-based Gulf Cement has been burnt after playing the markets. (Getty Images)
NOT SO SOLID: Ras Al-Khaimah-based Gulf Cement has been burnt after playing the markets. (Getty Images)

Gulf Cement Co , the UAE's largest cement producer, posted a third-quarter net profit of just 2.3 million dirhams ($626,200), down from 85.3 million dirhams 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 42 million dirhams in the first nine months of 2008 "due to the current situation in regional stock markets".

Nine-month operating profit climbed 44 percent to 250.6 million dirhams as sale prices increased by an average 23 percent, outpacing costs which went up 15 percent, it said. (Reuters)

advertisement

| Share |


READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment


Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

TOP IN MIDDLE EAST CONSTRUCTION & INDUSTRY

  1. Dubai's Drake buys into German firm, eyes more
  2. 38% construction execs work more than 50 hours
  3. Damac issues construction tender for Egypt project
  4. Qatar house prices set to fall 15% next year
  5. Saudi's Tanmiyat eyes projects outside GCC region

TOP MIDDLE EAST BUSINESS STORIES

  1. Dubai replaces head of DIFC
  2. UAE expects to see up to 3% economic growth in 2010
  3. Westwood extends lead after Race to Dubai's Day 3
  4. Abu Dhabi Int’l Airport records 7% growth in Oct
  5. UAE bags communication award

ALSO IN MIDDLE EAST CONSTRUCTION & INDUSTRY

  1. Is Dubai ready for PPPs?
  2. High power
  3. The future face of construction
  4. The role of the project controller
  5. Key points while entering into a joint venture in the Middle East

LATEST MIDDLE EAST BUSINESS NEWS

  1. Sport: Westwood extends lead after Race to Dubai's Day 3
  2. Financial Markets: Saudi index down, banks and petchems weigh
  3. Real Estate: Merger technical talks to conclude in a month - Emaar
  4. Banking & Finance: Dubai's Abraaj eyes property investments
  5. Banking & Finance: Emirates NBD launches bank’s new brand identity

SHARE PRICE CHECK

more » MIDDLE EAST MARKETS DATA

GCEM.ADX

Last Price:

1.77

-0.12-6.52%

19 Nov 2009 09:10 GMT
(Market Closed)

RELATED STORIES

Gulf Cement
| 2 stories
  1. Sun sets on cement
    9 Aug '08 | Features

RELATED LINKS

  1. Gulf Cement»
Related links open in a new window and are not endorsed by ArabianBusiness.com.

 EMAIL ALERTS

  1. Gulf Cement

  2. Financial Markets


CURRENCY CONVERTOR

Tell us your story

UPCOMING ISSUE


 

READER COMMENTS

  1. UAE announces Eid and National Day holidays 02
    21 Nov ' 09 at 10:22
    Is it any wonder that Emiratis are reluctant to work in the private sector? One day extra and no request for early payment of salaries.   More  »
  2. RTA to lease out last batch of retail outlets available on Red Line 01
    21 Nov ' 09 at 14:10
    What happened of Last Minute and their 28 outlets - one on each station?   More  »
  3. Dubai plans start-up help for expat entrepreneurs 01
    21 Nov ' 09 at 11:37
    this is great news really makes sense, especially since Small & Medium Enterprises actually make UAE. I sincerely hope that this is...   More  »

Read all user comments >

Gitex 2009

MORE FROM ARABIANBUSINESS.COM

JOBS

SPECIAL REPORTS

SURVEYS & REPORTS

PROPERTY