Abu Dhabi – Mubasher: Ras Al Khaimah Cement Company reported a decline in profits by 69.8% year-on-year during the first quarter of 2017, according to a bourse filing.

Profits reached AED 1.38 million ($38,110) in Q1-17, compared to AED 4.57 million ($1.25 million) in Q1-16.

Revenues declined by 22.7% year-on-year to AED 51.64 million in Q1-17, while sales, general, and administrative expenses grew 7.7% year-on-year to reach AED 5.49 million.

Financing costs increased 33.4% to AED 196,250 in Q1-17, compared to AED 147,170 in Q1-16.