Abu Dhabi – Mubasher: Ras Al Khaimah Cement Company (RAK Cement) on Wednesday reported turning to losses in the second quarter of 2017, pressured by lower revenues.

RAK Cement logged AED 3.50 million ($950,000) in losses in Q2-17 against profits of AED 2.46 million ($700,000) in the year-ago period, according to a filing to the Abu Dhabi Securities Exchange (ADX).

Losses were incurred after the company suffered a 26.6% drop in revenues for the period to AED 41.94 million compared to AED 57.13 million.

Between January and June 2017, RAK Cement also incurred losses of AED 2.12 million against AED 7.03 million in profits in the corresponding period of 2016.

This was due to a 23% decline in revenues to AED 93.58 million from AED 123.96 million.

Losses per share (LPS) amounted to AED 0.007 in H1-17 versus earnings per share (EPS) of AED 0.008.

General, administrative, and sales expenses increased 15% year-on-year to AED 10.7 million, while revenues from investments slid 36.6% to AED 1.6 million, according to the statement.

RAK Cement had previously reported a sharp year-on-year drop in profits by 69.8% to AED 1.38 million in Q1-17.