The Jordan Cement Company's net profits dropped by 60 percent in 2000 due mainly to a drop in sales to the Palestinian territories, the company announced Thursday, April 12.
Revenues slid from $12 million in 1999 to $4.8 million in 2000, a company report said, listing a two percent drop in local sales and a 13 percent drop in exports.
Exports to the Palestinian territories fell by 37 percent due to the closure slapped on the West Bank and Gaza Strip by the Israeli military after the start of the Palestinian uprising or intifada in late September.
The losses were also attributed to some $12.6 million set aside by the company to pay benefits for employees taking early retirement.
The Jordan Cement Company dominates the cement industry in Jordan and was the first public enterprise to be partially privatized when the French company Lafarge bought a 33 percent stake in it in 1998. — (AFP, Amman)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)