UAE-based Gulf Cement has posted a net loss of AED28.9m (US$7.87m) in the first quarter of 2020, compared to an AED1.5m profit in the corresponding period of last year. Revenues also declined 32 per cent YoY to AED88.26m from AED130.06m.

The company has also reportedly seen an investment loss of AED4.6m in the first three months of the year, compared to an investment income of AED260,207 in the 1Q19.