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)

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)