Abu Dhabi – Mubasher: National Marine Dredging Co’s (NMDC) profits shrank due to non-operating factors, alongside with a notable increase in board remuneration and employees bonus, according to a statement on Monday.

The Abu Dhabi-listed company’s profits plunged 96.5% to AED 520,000 in the second quarter of 2017, versus AED 14.8 million in Q2-16.

Contract revenues rose to AED 323.34 million in Q2-17 from AED 322.28 million in Q2-16, while contract costs increased slightly by AED 3 million to AED 305.16 million.

Foreign currency losses recorded AED 2.7 million in Q2-17, compared to gains of AED 16.4 million in Q2-16.

In the first half of 2017, net profit retreated 91.8% to AED 2.07 million, versus AED 25.25 million in H1-16.

NMDC’s profits dwindled 85.2% to AED 1.55 million in Q1-17.