Arab Today, arab today egypt\s misr cement qena profit falls strike shuts factories
Last Updated : GMT 22:28:34
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Egypt\'s Misr Cement Qena profit falls, strike shuts factories

Arab Today, arab today

Arab Today, arab today Egypt\'s Misr Cement Qena profit falls, strike shuts factories

Cairo - Arabstoday

Egypt\'s Misr Cement Qena said on Sunday its nine-month net profit fell 16 per cent from a year earlier. Net profit fell to 263.7 million Egyptian pounds ($44.2 million) from 313.9 million pounds in the first nine months of 2010, it said in a statement released by the stock exchange. The firm also said it had shut its factories indefinitely because of a strike by employees demanding higher wages. Ahmed Imam, a company official, told Reuters the firm operated one factory with production capacity of 5,400 tonnes of cement per day. Misr Cement Qena is 27.6 per cent owned by ASEC, which is the cement division of private equity firm Citadel Capital .  

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