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Misr Cement Qena reports 16% drop in profit

Egyptian cement producer Misr Cement Qena has said its nine-month net profit has dropped 16% to EGP263.7m ($44.2m) from EGP313.9m in the first nine months of 2010, Reuters has reported. The firm also said it had shut its factories indefinitely because of a strike by employees demanding higher wages. Misr Cement Qena is 27.6% owned by ASEC, which is the cement division of private equity firm Citadel Capital.