Qatar National Cement Company, the country’s only listed manufacturer, said net profit for the first quarter rose 2% against the same period last year despite a fall in pre-tax revenue.
Sales fell from QR 301.3 million in 2010 to QR 275.3 million in the last three months, down 8.6%. But a fall in manufacturing and distribution costs, along with income from associated companies, allowed the supplier to post after-tax gains of QR 113.7 million, up from the QR 111.4 million a year before.
The adjustment in the company’s net value of its investment in associated in line with fair value, or mark-to-market’, accounting yielded QR 1.78 million - representing a new source of income against last year. Earnings per share edged up for QR 2.27 last year to QR 2.32.
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