SCL Announces 1999 loss
Lebanon's largest industrial company, Societe des Ciments Libanais S.A.L. (SCL), announced a net loss of $19.2m for 1999 compared to a loss of $1.1m in 1998, a profit of $1.7m in 1997 and another one of almost $9m in 1996. The company had sales of $73.5m in 1999 compared to $88m in 1998. The extent of the loss resulted from: $12m in compensation related to the company’s dismissal of 300 employees; the depressed construction sector which is resulting in a slump in the local cement industry; and the 10% interest SCL pays semi-annually on 8,500 bonds issued last year for a total value of $85m and used to re-finance a previous debt.
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