RAK Cement Co swings to second-quarter loss

UAE-based Ras Al Khaimah Cement Company (RAK Cement) incurred a loss in the second quarter of 2017 as revenues declined by 26.6 per cent during the period.

The company recorded a loss of AED3.5m (US$950,000) in 2Q17 versus a profit of AED2.46m (US$700,000) in the year-ago period, according to a filing to the Abu Dhabi Securities Exchange (ADX). Revenues were down to AED41.94m compared with AED57.13m a year earlier.

Between January and June 2017, RAK Cement also incurred losses of AED 2.12m against a profit of AED7.03m in 1H16. Again, the reduction was attributed to a drop in revenue of 23 per cent YoY to AED93.58m.

General, administrative and sales expenses increased 15 per cent YoY to AED10.7m, while revenues from investments slid 36.6 per cent to AED1.6m, according to the ADX statement.