Abu Dhabi – Mubasher: Union Cement Co (UCC) on Sunday reported a 7.5% year-on-year decline in net profits in the second quarter of 2017.
Net profits amounted to AED 27.5 million ($7.48 million) in Q2-17, down from AED 29.72 million ($8.08 million) in the corresponding period of 2016, UCC said in a statement to the Abu Dhabi Securities Exchange (ADX).
The cement company attributed the profit decline to a 19% rise in the cost of sales during Q2-17 to AED 114.56 million, from AED 96.30 million in the year-ago period.
Meanwhile, at the level of the first six months of 2017, UCC said its profits increased by 5% to AED 43.15 million from AED 41.07 million in H1-16, the statement showed.
UCC had previously posted AED 15.66 million in profits in Q1-17, up 38% from AED 11.35 million in the corresponding period of 2016.
