Cairo – Mubasher: Arabian Cement’s earnings fell 40.5% in the first quarter of 2016, said the company in a bourse filing.

According to consolidated financial results, the company earned EGP 34.15 million ($3.85 million) in Q1-16, compared with EGP 57.37 million ($6.47 million) for the year-ago quarter.

Further, its Q1 unconsolidated profits decreased 40.5% year-over-year to EGP 33.32 million from EGP 56.03 million.

In 2015, the company’s consolidated profits slipped 26% year-over-year to EGP277.2 million from EGP374.7 million.

The ordinary general meeting (OGM) earlier approved distributing dividends at EGP0.53 per share for the fiscal year 2015.