Jordan’s Cement Profits Retreat 60 percent
The Jordan Cement Factories Company's net profits from 2000 declined by 60 percent to reach JD3.4 million, down from JD8.6 million in 1999, Jordan’s official news agency (Petra) reported.
Director general of JCFC was quoted by the agency as saying that the decline is due to a drop in exports, a decline in sales to the Palestinian markets due to the closure of the Palestinian territories, and the allocation of JD9 million to pay early retirement pensions.
The company was forced to decrease its production to avoid extra expenses, said Biriqadar.
Exports of cement and clinker in 2000 dropped by 13 percent, compared to 1999, when it exported 555,000 tons.
The report revealed a tow percent decline in local sales last year, resulting in total domestic sales JD2.1 million, a decrease by 44,000 tons compared to the previous year.
Sales to the Palestinian territories last year dropped by 37 per cent compared to 1999, said the report.
The company did, however, manage to reduce debt from JD38.2 million in 1999 to JD30 million in 2000 due to cuts in expenditure – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)