Losses hang over Union Cement meeting, UAE

Losses hang over Union Cement meeting, UAE
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.
Published under Cement News