UAE: Fujairah Cement Industries Co (FCIC) has reported a decline of 9% in its profits for the fourth quarter of 2017 compared to the same period a year ago. Earnings decreased to about US$2.7m in the fourth quarter of 2017 from US$3.0m in the fourth quarter of 2016.
During the 2017 fiscal year, the cement producer posted a drop of 35% in its profit to US$10.1m compared to US$15.4m in 2015. This was in part due to a 7% decrease in revenue and higher general and administrative expenses, which rose by 29% to US$6.4m.
