Kuwait Cement 2004 net profit falls to $64.7m

The net profit of Kuwaiti cement maker Kuwait Cement Company fell to 18.89m Kuwaiti dinars (US$64.7m) in 2004 from 19.34m dinars (US$66.3m) in 2003. 

Earnings per share (EPS) inched down to 50.28 fils (US$0.172) in 2004 from 51.47 fils (US$0.176) in the previous year. The company’s 2004 net profit included a profit of 7.7m dinars ($26.4m) resulting from the application of the International Accounting Standards (IAS) 39 and 40, which state how proceeds from securities and real estate investments should be treated in financial reports.