Hilal Cement Co net loss widens, Kuwait

Kuwait-based cement producer Hilal Cement Co widened its third-quarter net loss to KWD204,435 (US$704,706) from KWD17,250 during the same period of the year before. The loss was mainly attributed to higher sale and administrative costs and lower sales revenue and other income.

The operating loss totalled KWD 233,790, compared to a year-earlier profit of KWD 12,777. Total operating revenue climbed almost six per cent YoY to KWD4.6m.

Net loss for the first three quarters of the year came in at KWD282,090, versus a net profit of KWD 276,924 for the first nine months of 2013. Loss per share stood at 4 fils, compared to year-earlier earnings per share (EPS) in the same amount.

The company swung to a net operating loss of KWD152,774 from a net operating profit of KWD 528,906. Total operating revenue for the period edged down 0.5 per cent in annual terms to KWD15.38m.