Abu Dhabi – Mubasher: Arkan Building Materials’ profits or the fourth quarter of fiscal 2016 rose 4.2% to AED 20.95 million ($5.70 million), versus AED 20.11 million ($5.47 million) for Q4-15.
Net profit for the fiscal year 2016 amounted to AED 75.71 million, 25.13% down from AED 101.12 million for fiscal 2015.
The company attributed the fall in annual profits to an exceptional loss related to damage caused by a heavy rainstorm that occurred in March 2016, according to a bourse filing released on Tuesday.
Revenues shrank in 2016 to AED 807.7 million from AED 876.9 million for 2015.
