The net profit of UAE cement producer Sharjah Cement and Industrial Development Company surged 140% YoY to AED60.11m (US$16.4m) in the first quarter of 2005. Earnings per share (EPS) rose to AED0.189 (US$0.051) in the first three months of 2005 from AED0.079 (US$0.022) in the year-ago period, according to the Kuwait Stock Exchange (KSE), where the company is traded.
The company’s net profit for the first quarter of 2005 included a loss of 324,000 dirhams (US$88,200) resulting from the application of the International Accounting Standards (IAS) 39 and 40, which state how proceeds from securities and property should be treated in financial reports.
