Union Cement Company third quarter net falls 51%

Union Cement Company third quarter net falls 51%
Published: 15 November 2010

Union Cement Company has seen net profits more than half for the third quarter against the same period last year, with nine-month figures reversing an AED97.3m profit into the red.

The Abu Dhabi-listed Portland cement supplier saw after-tax gains for the third quarter fall more than 52% to AED5.2m against AED10.8m last year. Sales revenues fell 24% to AED114m against AED152.2m as the cost of sales also fell.

The company is domiciled in Ras Al Khaimah with its main production plant in the Khow Khwair area. Over the first nine months the company saw an AED97.3m profit from last year become an AED8.7m loss, with revenues falling 23% to AED438m from AED561.5m.