Abu Dhabi – Mubasher: Fujairah Cement Industries Co reported a plunge of 40% in profits during the first quarter of 2018 compared to the same period in the previous fiscal year.

Earnings shrank to AED 7.5 million in Q1-18 from AED 12.6 million in Q1-17, according to a bourse statement on Sunday.

Fujairah Cement, which is listed on both Boursa Kuwait and the Abu Dhabi Securities Exchange (ADX), clarified that the decline in Q1 profits is attributed to a lower profit margin of 20.4% in Q1-18 from 25% in Q1-17.

The drop in first-quarter profits is also due to higher selling and distribution expenses of 3%, in addition to higher expenses costs by 9% when compared to the same period in the prior year, the cement producer noted.