Abu Dhabi – Mubasher: Gulf Pharmaceutical Industries (Julphar) posted a 44.2% year-on-year decline in its profits during the first quarter of 2017, according to a bourse filing.
Net profits reached AED 44.1 million ($12.01 million) in Q1-17, compared to AED 79 million ($21.51 million) in Q1-16.
Operating profits reached AED 48.4 million in the three-month period ended 31 March 2017, down 41.3% from AED 82.4 million in Q1-16.
Sales fell to AED 369.3 million in Q1-17, compared to AED 370 million in Q1-16.
Sales costs grew 8.5% to AED 180.3 million in Q1-17 from AED 166.2 million in Q1-16.
General and administrative expenses rose 16.5%, while selling and distribution expenses went up 8.9% to reach AED 123.9 million Q1-17 from AED 113.8 million in Q1-16.
The company’s results were weighed down by taxes and higher costs.
