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RAPCO profits fall 96% in Q2 on sales costs

RAPCO profits fall 96% in Q2 on sales costs
RAPCO posted AED 199,100 in Q2-17
Dwajen RAK
RAPCO
8.53% 1.40 0.11

Abu Dhabi – Mubasher: Ras Al Khaimah Poultry and Feeding Co (RAPCO) on Sunday reported a sharp drop in its profits for the second quarter of 2017 compared to the year-ago period.

RAPCO posted AED 199,100 ($54,190) in profits in the period between April and June 2017, down 96.3% from AED 5.44 million ($1.48 million) in Q2-16, according to a filing to the Abu Dhabi Securities Exchange (ADX).

Revenues declined 5.11% year-on-year to AED 8.72 million in Q2-17, whereas the cost of sales and distribution surged 24% to AED 1.03 million during the period.

As for results for the period from January to June 2017, RAPCO’s profits dropped 48.4% to AED 4.76 million from AED 9.23 million in the year-ago period, according to the statement.

The poultry company had previously reported AED 4.56 million in profits in Q1-17, up 20.3% from AED 3.79 million in the same period of 2016.