Abu Dhabi – Mubasher: Fujairah Cement Industries Co reported a decline of 9% in profits during the fourth quarter of 2017 compared to the same period a year ago.
Earnings decreased to about AED 10 million ($2.7 million) in Q4-17 from AED 11 million ($3 million) in Q4-16, according to a bourse statement on Sunday.
During the 2017 fiscal year, the cement producer posted a drop of 35% in profits to AED 37.1 million compared to AED 56.7 million in FY16.
Fujairah Cement, which is listed on Boursa Kuwait and the Abu Dhabi Securities Exchange (ADX), clarified that the decrease in FY17 profits is attributed to lower revenue by 7% as well as higher general and administrative expenses by 29% to AED 23.6 million in FY17 compared to AED 18.3 million in FY16.
