Sharjah Cement 3Q net profit rises due to lower costs

Sharjah Cement says its third quarter net profit rose AED6.7m (US$1.8m) from a loss of AED4.4m in the same period last year.

The company said its performance was hampered by a falls in demand and prices, but was able to cut raw materials costs, resulting in higher profits, Gulfbase reported.

Sharjah’s nine month 2011 net profit fell to AED27.3m from AED99.4m in the same period last year. Despite sales falling by about 25 per cent, its cost of goods sold also fell by 31 per cent, bringing gross profit to AED9.8m in the third quarter compared with AED1.3m in the same period last year.