Mubasher: The initial income statements of Sharjah Cement and Industrial Development reported a drop of 77.6% in profits during the second quarter of 2018 compared to the same period in the previous year.

Earnings shrank to AED 4.37 million in Q2-18 from AED 19.55 million in Q2-17, according to a bourse filing to the Abu Dhabi Securities Exchange (ADX) on Tuesday.

In Q2-18, revenues declined by 15.6% to AED 145.81 million from AED 172.84 million in Q2-17.

Sharjah Cement, which is listed on both Boursa Kuwait and the ADX, posted a plunge of 47% in profits to AED 16.6 million in the first half of 2018 from AED 31.2 million in the corresponding period a year ago.

During the first six months of 2018, Sharjah Cement registered a drop of 45% in investment revenues to AED 13.3 million compared to AED 24 million in H1-17.