Abu Dhabi-Mubasher: National Marine Dredging Company (NMDC) saw a 53% decline year-on-year in its first-quarter profits, according to a bourse statement.
Net profits reached AED 10.46 million ($2.85 million) in the first quarter, compared to AED 22.2 million ($6.04 million) in in the same three months of 2015.
General and administrative expenses rose 42.7% to AED 26.52 million ($7.22 million) in Q1-16, compared to AED 18.58 million ($5.06 million) in Q1-15.
The company incurred losses of AED 19.75 million ($5.38 million) from foreign currency exchange, (compared to) against gains of AED 2.78 million ($756,843) generated from foreign currency exchange.
