Higher costs diminish Gulf Medical Projects Company profits
The Abu Dhabi Securities Exchange General Index (ADXGI) closed 0.24 per cent lower at 4,880.06 points on Monday, February 17. Market bellwether, Etisalat, closed flat at AED11.80. Gulf Medical Projects Company (GMPC) also ended even, at AED2.70. Earlier in the day, the firm said that its net income for 2013 amounted to AED70.7 million ($19.28m), down from AED106.9m ($29.15m). The consolidated statements revealed that GMPC suffered from higher administrative expenses and rising costs of financing.