Abu Dhabi – Mubasher: Gulf Medical Projects Company posted a drop in profits for the second quarter of 2017, according to a bourse statement.

Profits reached AED 4.12 million ($1.12 million) in Q2-17, compared to AED 43.49 million ($44.84 million) in Q2-16.

The H1-17 profit decline is mainly attributed to a decline in the company's revenues by 51.12% year-on-year to AED 108.57 million in Q2-17 and a rise in finance expenses by 4.13% to AED 3.95 million.

In the first half of 2017, profits rose to AED 1.43 billion from AED 95.21 million in the prior-year period.