(MENAFN) The Sinai Cement Company (SCC) reported a staggering USD3.6 million in net losses in the first half of this, which compares to USD11.2 million in profits, logged in the same period last year.
Overall profits have declined to USD4.2 million, compared to USD23 million in the corresponding period of 2014. On a quarterly basis, the firm lost USD1.3 million in the first quarter, compared to USD4.5 million in net profits in 2014.
The company operates in the manufacturing and packaging of cement products, and owns a cement production facility in North Sinai, and it's worth mentioning that it's not the only cement producer suffering.
According to Ministry of Investment data, cement production capacity is estimated at 50m tons per year, compared to the 80m tons of consumption expected by 2020.
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