Abu Dhabi – Mubasher: Umm Al Qaiwain General Investment Co reported a decline of 4.14% in profits during the first quarter of 2018 compared to the same period in the previous year.

Earnings decreased to AED 13.65 million ($3.7 million) in Q1-18 from AED 14.24 million ($3.9 million) in Q1-17, according to a bourse filing on Tuesday.

Umm Al Qaiwain, which is listed on both Boursa Kuwait and the Abu Dhabi Securities Exchange (ADX), clarified that the drop registered in Q1 profits resulted from higher administrative expenses to AED 807,000 compared to AED 765,000 in the same period a year ago.

The profits also decreased as a result of lower gross income from investments by 4.4% to AED 14.46 million in Q1-18 from AED 15.13 million in Q1-17.