Abu Dhabi – Mubasher: National Marine Dredging Company (NMDC) on Monday posted a sharp year-on-year decline in its profits by 85.2% in the first three months of 2017.

NMDC’s profits fell to AED 1.55 million ($421,900) in Q1-17, from AED 10.46 million ($2.85 million) in the corresponding period of 2016, according to a filing to the Abu Dhabi Securities Exchange (ADX).

The company’s statements showed a one-off provision of board members’ remunerations worth AED 5.7 million in Q1-17.

Revenues retreated to AED 1.17 million in Q1-17, compared to AED 5.2 million logged in Q1-16.

NMDC had previously recorded AED 46.01 million in profits for the full-year 2016, down 69.7% from AED 151.85 million in 2015.