Abu Dhabi – Mubasher: RAK Ceramics reported a 4.9% year-on-year decline in its profits in the first quarter of 2017, according to a bourse filing.
Profits stood at AED 54.97 million ($14.97 million) in Q1-17, compared to AED 57.8 million ($15.74 million) in Q1-16.
Revenues fell 7.4% to AED 681.12 million in Q1-17, compared to AED 735.72 million in Q1-16.
The company's core business growth was mainly attributed to a rise in tile revenues by 13% quarter-on-quarter, stable growth in sanitary ware revenues of 2.9%, and growth in tableware revenues of 12.9%, the statement highlighted.
“Our first-quarter performance came as expected. Our second-half results should also benefit from a turnaround in sales in India and greater production from Iran," according to the company's CEO Abdallah Massaad.
"We continue to remain focused on cost efficiencies and anticipate better gross margins and lower overheads going forward, which we believe will increase profitability and shareholder value,” he added.
