RAK Cement Co 1Q profit down 70%

Ras Al Khaimah Cement Co reported a decline in profits by 69.8 per cent YoY during the first quarter of 2017, according to a bourse filing.

Profits reached AED1.38m (US$38,110) in 1Q17, compared to AED4.57m (US$1.25m) in 1Q16.

Revenues declined by 22.7 per cent YoY to AED51.64m in 1Q17, while sales, general and administrative expenses grew 7.7 per cent YoY to reach AED5.49m.

Financing costs increased 33.4 per cent to AED 196,250 in 1Q17, compared to AED147,170 in 1Q16.