Fujairah Cement Industries reports 2Q decline

UAE-based Fujairah Cement Industries Co posted a decline in its profits during the second quarter of 2017, according to a bourse statement.

Net profits reached AED8.3m (US$2.26m) in 2Q17, compared to AED16.50m (US$4.5m) in 2Q16.

The profit decline is mainly attributed to a decrease in its revenues by 16 per cent to AED138.03m in 2Q17 from AED164.20m in 2Q16.

In 1H17 profits retreated 37.20 per cent to AED20.88m from AED33.25m in 1H16.