Abu Dhabi – Mubasher: Arkan Building Materials on Monday posted a 76% year-on-year decline in consolidated profits for the second quarter of 2018.

Net profit dropped to AED 3.5 million in the three-month period ended June, compared to AED 14.4 million in the corresponding period last year, according to a filing to the Abu Dhabi Securities Exchange (ADX).

In the first half of 2018, profits dropped to AED 15.2 million, versus AED 25 million in H1-17.

Revenues stood at AED 473.6 million in the six-month period ended June, up from AED 459.6 million in the same period a year earlier.

Earnings per share amounted to AED 0.009 in H1-18, compared to AED 0.014 in the year-ago period.

In 2017, Arkan recorded AED 30.2 million in net profit, against a net loss of AED 82.3 million in 2016.