Mubasher: Gulf Cement Co., dually listed on Boursa Kuwait and the Abu Dhabi Securities Exchange (ADX), saw net losses of AED 28.9 million during the first quarter (Q1) of 2020, against AED 1.5 million profits in the year-ago period.

The company's revenues dipped by 32% to AED 88.26 million in Q1-2020, compared to AED 130.06 million in the same period of 2019, according to the company's unaudited interim financial results for the three-month period ended 31 March 2020.

The company recorded investment losses of AED 4.6 million in the January-March period of 2020, compared to investment income of AED 260,207 in the same period of 2019. 

The loss per share stood at AED 0.035 in the first three months of 2020, versus earnings per share (EPS) of AED 0.002 in the corresponding period of 2019.

It is noteworthy to mention in 2019, the company's losses amounted to KWD 2.21 million by 2019 year-end when compared to KWD 2.70 million in 2018.