Pandemic leaves little impact on steel, cement makers
Their profits rise in the second half of 2020
Post-Covid demand for steel and cement was high because of the resumption of construction work in public and private sectors. Star/file
Leading steel, cement and paint companies related to the construction sector witnessed higher profits in the July-December period of the current financial year despite the ongoing coronavirus pandemic.
Although industry insiders fear that they will face 30 per cent lower profits from the July-December period, the reality is different as profits came mainly due to higher demand from government development projects.
Among five listed cement manufacturers, three saw higher profits, one returned to profits and the last incurred a loss albeit on a lower extent compared to that in the same period the previous year.