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Sat 25 Oct 2008 11:46 PM

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Saudi Cement Q3 profit down 9.2%

Kingdom's 2nd largest producer by market value makes $38.6mn, as costs increase, export revenues fall.

Saudi Cement Co, Saudi Arabia's largest cement producer, said third-quarter profit fell 9.2 percent to miss analysts' forecasts, due to a decline in export revenues and increase in production costs.

Saudi Cement made a net profit of 144.7 million riyals ($38.6 million) in the three months to Sept. 30 against 159.4 million riyals in the year-earlier period, it said in a statement on the Saudi bourse website.

Nine month profit fell to 489.6 million riyals compared to 517.9 million riyals in the same period of last year.

Analysts' forecasts for Saudi Cement's third quarter earnings ranged between 165 million and 168 million riyals according to a survey conducted by newswire Reuters last month. Saudi Cement is Saudi Arabia's second largest cement firm by market value. (Reuters)

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