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Gulf Cement Q1 financials turn to losses

Gulf Cement Q1 financials turn to losses
The losses incurred in Q1 resulted from lower profit margin of 4.5%
Gulf Cement
GCEM
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Mubasher: Gulf Cement Co has incurred losses in the first quarter of 2018 against a profit in the same period a year ago, according to a bourse statement on Monday.

The company, which is listed on both Boursa Kuwait and the Abu Dhabi Securities Exchange (ADX), suffered a loss of AED 2.9 million in Q1-18 versus profits worth AED 8.1 million in Q1-17.

Gulf Cement clarified that the losses incurred in Q1 resulted from lower profit margin of 4.5% when compared to 10.3% in Q1-17.

The company has also registered losses from investments at a value of AED 7.3 million in Q1-18 compared to revenues from investments totaling AED 5.5 million in Q1-17.