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40.1500
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40.3500
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40.1000
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Eastern Province Cement Q3 profit slips 35.4% on competition
2018-10-30 09:37:40 GMT
(Economies.com)
Eastern Province Cement Co. on Tuesday posted a 35.4% decline in net profit for the third quarter ended 30 September, 2018.
The company’s Q3 net profit amounted to SAR 9 million, down from SAR 14 million reported in the same period a year earlier.
Meanwhile, net operating income fell to SAR 7 million, from SAR 18 million in Q3-17.
The profit decline was ascribed to fierce competition in the local market, coupled with a rise in other expenses and a decline in investment income.
Net profit for the first nine months of 2018 amounted to SAR 99 million, down 55.5% year-on-year to SAR 44 million.
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27.24
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