Union Cement posts US$6m loss, UAE

Union Cement posts US$6m loss, UAE
24 March 2011

Union Cement Company said it made a net loss of AED 22.3m (US$6m) last year, with sales declining just over a fifth against 2009.

The Abu Dhabi-listed maker of cement and clinker said the loss compares to an AED65.1m net profit the previous year. Revenues fell 20.7% to AED 554.7m from AED 699.8m, with gross profits falling to AED 31.9m from AED132.2m.

UAE cement companies have seen profits erode over the last 12 months as a drying up of projects – mainly in Dubai – has seen steep falls in the volume and value of orders.
Published under Cement News