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Monday, 09 November 2009 04:47 UAE time

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RAK White cement posts $22m loss for 2008

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Monday, 09 February 2009
CEMENT LOSSES: RAK White cement has posted a loss for last year, after 2007 profits. (Getty Images)
CEMENT LOSSES: RAK White cement has posted a loss for last year, after 2007 profits. (Getty Images)

Ras Al Khaimah Company for White Cement and Construction Materials Co, a producer of building materials in the UAE, has posted an overall loss in 2008 after writing down the value of its investments,  it has been reported.

The company had a loss of AED81.8m ($22m) in 2008, compared with a profit of AED160.5 m in 2007.

The Ras Al Khaimah-based company said in a statement posted on the Abu Dhabi bourse's web site that the company’s revaluation loss of AED117m on its investments in 2008, compared with a gain of AED65.9m, the previous year.

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Shares fell from AED0.34 to AED0.18 per share during the same time period. (Bloomerberg)

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