Suez Cement, posted a 1.9 percent fall in its audited first-half net profit to LE 653.8 million ($115.2 million), it said on Tuesday. Suez, Egypt's largest listed cement company and a subsidiary of Italcementi, had last month reported an unaudited consolidated first-half net profit for 2010 of LE 766 million. The company did not explain the discrepancy between its audited and unaudited net profit figures. One official had no comment and others could not be reached. One analyst said he was surprised by the scale of the difference and the reason for the adjustment was unclear. Suez Cement's net sales rose 4.8 percent to LE 3.4 billion in the first half, unchanged in both audited and unaudited figures. Government stimulus spending on infrastructure and growing demand for housing helped fuel demand for cement last year, but new policies, including a 5 percent sales tax and a rise in electricity costs, are seen as likely to crimp demand. The figures include all companies in the Suez group, including Helwan Cement and Torah Portland Cement. The firm supplies roughly a quarter of Egypt's grey cement and 42 percent of its white cement.
