RAK Cement sees further losses in second-quarter 2011

RAK Cement sees further losses in second-quarter 2011
Published: 15 July 2011

RAK Cement increased its losses for the second quarter and first half of this year against 2010.

Cement prices declined since the previous year to offset the strong production and sales volumes, the company stated to investors on the Abu Dhabi Securities Exchange today. It posted a loss of AED 5.2m for the second quarter, down on the AED 4.29m loss from the previous year, as sales fell 26% with a gross loss steady at AED 3.1m.

Over six months, the company’s revenue fell 25% from AED 129.2m to produce a net loss of AED 4.9m, more than triple the AED 1.26m loss at the same point last year. Total assets increased 0.24% in value to AED 823m against the end of June 2010 and shareholder equity fell from AED 767.4m to AED 760m.