Dubai-Mubasher: United Kaipara Dairies Co. reported a plunge in its losses by 96.6% to AED 470,000 during the first quarter ended 31 March 2015, compared to AED 13.76 million during the same period in 2014.

The company’s Q1-15 operating losses dropped to AED 2.84 million compared to AED 14.2 million in Q1-14, according to a filing to the Dubai Financial Market (DFM).

Financials showed a decline in United Kaipara’s revenues to AED 67.24 million during the period, compared to AED 75.24 million.

The Dubai-listed firm’s shareholders approved on 25 March the company’s continuity and the split of the nominal value of its shares from AED 100 to AED 1.

The company’s capital amounts to AED 30.25 million divided on 302,500 shares at AED 1 par value each.