Egypt’s South Valley Cement posts 53% fall in Q1 profits

South Valley Cement Company (SVCC) reported Sunday a 53 percent fall in its first quarter profits , due to increased costs and a decline in the re-evaluation of profits from investments.

Profits dropped to 20.10 million pounds in the three months ended March 2017, compared with 42.85 million pounds in the same period in 2016, according to a bourse statement.

Sales increased to 261.55 million pounds during the first quarter of this year, compared to 254.80 million pounds during the same quarter a year earlier.

The company noted that the re-evaluation of its profits from investments, which are estimated based on the fair value, fell to 282,000 pounds, from 19.9 million pounds.