Mubasher: Gulf Cement Co. recorded net losses of AED 268.13 million during the first nine months of 2020, up from AED 3.86 million in the year-ago period.
The company's revenues plunged by 24% to AED 259.48 million in the January-September period of 2020 from AED 341.01 million in the corresponding period of 2019, according to the company's financial results for the period ended on 30 September 2020.
The basic loss per share settled at AED 0.327 during the first nine months of 2020, against AED 0.005 in the same months of the earlier year.
Meanwhile, the company has incurred accumulated losses of AED 413.22 million, representing 50.3% of the capital.
The accumulated losses are attributed to the difficulties faced by the export markets on which the company mainly depends in marketing its products and the impairment losses in the fair value of the company's fixed assets.
To offset the losses, the company will restructure its capital to be able to face challenges in its future growth.
