Abu Dhabi – Mubasher: Ras Al Khaimah Ceramic Company’s profits increased in the first quarter of fiscal 2016 by 1.2% year-on-year.
Net profit reached AED 57.8 million ($15.73 million) in Q1-16, versus AED 57.1 million ($15.55 million) in Q1-15, according to the company’s financial statements.
The rise in profit resulted from the decrease in financing expenses to AED 14.8 million ($4.03 million) by the end of March 2016, compared to AED 33.6 million ($9.15 million) in the same period of 2015.
General and administrative expenses also shrank to AED 64.8 million ($17.64 million) in the period from AED 90.7 million ($24.69 million) a year earlier.
The stock fell on Thursday by 4.4% to AED 3.25 ($0.88) as 15.9 million shares were exchanged at AED 51.75 million ($14.09 million).
