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Gulf Cement Q2 profits decline 1.2%

Gulf Cement Q2 profits decline 1.2%
Gulf Cement company posted a 1.2% drop in profits for Q2-17
Gulf Cement
GCEM
1.25% 0.41 0.01

Abu Dhabi – Mubasher: Gulf Cement Company posted a 1.2% drop in profits for the second quarter of 2017, compared to the same period of the year before, according to a statement on Thursday.

The firm achieved profits of AED 13.59 million ($3.69 million) in Q2-17 from AED 13.75 million ($3.74 million) in Q2-16.

Total revenues retreated 7% to AED 146.89 million in Q2-17, compared to AED 158.08 million in Q2-16.

Investment losses reached AED 633,810 in Q2-17, versus investment revenues of AED 2.25 million in Q2-16.

In the first half of 2016, net profit surged 22.3% to AED 21.7 million from AED 17.74 million in H1-15.

Gulf Cement had previously reported a 103.5% hike in net profits to AED 8.12 million ($2.21 million) in Q1-17 due to improved investment results and operational stability.