Jordan Cement posts USD28.12m loss in 2011

Byyyp

Updated Tue, 10 Apr 2012 00:00:00 GMT

Jordan Cement said that it incurred USD28.12 million worth of losses in 2011, mainly due to fierce competition, reported The National.

The company, which is 50.3 percent owned by Lafarge, added that in the period, revenues fell 21 percent from 2010 to USD188.46 million.

It also said that high fuel, electricity and transport costs prompted the firm to
stop exporting the commodity to Syria, Iraq and Sudan in 2011.

Moreover, the firm had to shut down production lines and offered retirement packages in order to reduce employees, and cut expenses.

It is worth noting that Jordan Cement has 2 plants, in Al Fuheis and Al Rashadiyah, with an annual combined production capacity of 4.8 million tons.