UAE: Union Cement reports growth in 2011 sales

Company reports net loss despite higher sales.[$]

{reg}[PAID={"id":"1,2,3,4,5","title":"The content you tried to access is only available to paid subscribers.","link":"1"}] Union Cement reported that its sales last year increased by 12.2 percent to AED 622.19 million reports Al Bayan.

The company says that it posted a net loss of AED13.38 million while its profits increased to AED 36.72 million. The company's current assets also dropped to AED 956 million. The company attributed this to the difficult market conditions it encountered last year. The company says it was affected by increased competition in the face of decreased demand.

The company adds that it sees the industry's difficulties to continue this year. The company says he main problems it sees this year is that of low domestic and international cement demand and cement prices. This is expected to affect the company's liquidity. {/reg]