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Agthia's profits fall in Q2 on lower revenues

Agthia's profits fall in Q2 on lower revenues
Operating profit decreased to AED 61.3 million
Agthia
AGTHIA
1.56% 5.87 0.09

Abu Dhabi – Mubasher: Agthia Group on Monday reported a year-on-year decline in net profits for the second quarter of 2018 on the back of lower revenues.

The Abu Dhabi-listed food products company logged AED 61 million ($16.61 million) in profits in Q2-18, compared to AED 65.8 million ($17.92 million) a year earlier.

The group’s revenue also went down to AED 516.81 million in Q2-18 from AED 546.85 in the year-ago period, according to a bourse statement.

Operating profit decreased to AED 61.3 million from April to the end of June, while basic and diluted earnings per share (EPS) fell to AED 0.103.

In the first half of 2018, Agthia’s net profit levelled down to AED 107.51 million, the company said.

Agthia Group previously posted a 10% year-on-year net profit drop in Q1-18, recording AED 47.1 million.