July 28, 2006

UAE poultry feed company reports steep drop in profits

The UAE 's Ras Al Khaimah Poultry and Feeding Company has reported a 78.8 percent drop in profits to Dhs3 million (US$816,000) for the first half of this year compared with Dhs14.3 million (US$3.9 million) the same period last year, the company announced on Wednesday (Jul 26).

The decline is due to the massive drop in the company's investment revenues during the first half of this year, to Dhs2.01 million (US$544,000) compared with Dhs13.54 million (US$3.7 million) by the end of last year.

A 15 percent drop in sales revenue from Dhs27.16 million (US$7.35 million) last year to Dhs23.5 million (US$6.4 million) this year was cited as a second reason for the decline.

Most of the decline took place in the second quarter of this year.