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Union Cement’s profit falls 12% in Q1

Union Cement Co, the UAE's third-biggest cement maker by market value, has announced that its first-quarter profit dipped 12% on higher costs for raw materials and power, but sales more than doubled, reported Bloomberg. Net income fell to Dhs19.5m ($5.3m), or 3.1 fils a share, from Dhs22.3m, or 3.5 fils, a year earlier. Sales jumped to Dhs208m from Dhs97m, while cost of sales jumped to Dhs181m from Dhs65m.