Abu Dhabi – Mubasher: International Holdings Company (Asmak) has reported a 21.7% year-on-year decline in net profit during the first quarter of 2018, registering AED 9.9 million ($2.7 million).

Asmak’s sales revenue recorded AED 112.41 million in Q1-18 versus AED 94.6 million in the year-ago period, according to a bourse statement released on Monday.

The company’s sales and distribution expenses surged 11.4% year-on-year to AED 6.17 million in the three-month period ended 31 March.