Losses hang over Union Cement meeting, UAE

Losses hang over Union Cement meeting, UAE
Published: 24 August 2010

Union Cement Company is to hold its board of directors meeting tomorrow to finalise a periodic financial statement and discuss the company’s direction after seeing some of the heaviest losses in the industry.

The Ras Al Khaimah-based manufacturer, which produces ordinary Portland as well as high sulphur-resistant and oil well cement, has seen gross profits slashed by more than 91%, down to AED10.3m from the AED122.4m from the first six months of last year.

Revenues declined by almost a quarter to AED313.8m from AED409m, and with the cost of sales increasing its net loss for the period stood at AED9.8m – against a AED90.1m net profit last year.