Abu Dhabi – Mubasher: Fujairah Cement Industries (FCI) on Sunday posted a sharp decline in net profits in the third quarter of 2017 on the back of the increase in both general and administrative expenses along with decreased revenues.
The cement company’s net profits halved to AED 6.199 million ($1.68 million) in Q3-17 from AED 12.39 million ($3.37 million) in the year ago-period, according to a filing to the Abu Dhabi Securities Exchange (ADX).
General and administrative expenses surged 71% to AED 5.89 million from July to September, compared to AED 3.457 million in the comparative period of 2016, the company’s data showed.
In terms of revenues, the Abu Dhabi and Kuwait-listed company registered a 3% decline in revenues to AED 136.68 million in the three-month period ended 30 September, versus AED 140.35 million in the third quarter of 2016.
For the nine-month period ended 30 September, FCI reported a 41% year-on-year decrease in net profits to AED 27.07 million, the statement showed.
