RAK Cement profit falls on higher costs
Ras Al Khaimah Cement Co said yesterday that first-quarter profit dropped 23.1 per cent because of higher energy costs. Net income in the three months to March 31 was Dh27.6 million, compared with Dh35.9 million in the year-earlier period. “Restrictions on the natural gas supply resulted in consumption of more expensive liquid fuels,” the company said in a statement on the Abu Dhabi bourse website. Sales revenue climbed 12.5 per cent to Dh90.2 million. Earnings per share fell to 57 fils.