Dubai – Mubasher: United Foods Co (UFC) posted a 17.5% year-on-year decline in its profits during the second quarter of 2017, according to a bourse statement.

Profits reached AED 7.47 million ($2 million) in Q2-17, compared to AED 9.06 million ($2.46 million) in Q2-16.

Cost of sales rose 17.5% to AED 105.7 million in Q2-17, compared to AED 90.22 million in Q2-16. Meanwhile, sales grew 13.12% year-on-year to AED 130 million in Q2-16.

In the first half of 2017, profits declined 13.05% to AED 13.65 million from AED 15.70 million in the same period of 2016.