Tabreed profit hit by rising labour costs

Dubai-listed National Central Cooling Company (Tabreed) posted its smallest profit in at least two years on higher labour costs and a fall in one of its investments.

Net income in the three months to March 31 plunged by more than half to 10 million dirhams ($2.72 million), compared with 21.4 million dirhams in the year-earlier period, the company said in a statement.

Profit from its chilled water business fell slightly to 10.9 million dirhams, compared with 11 million dirhams, it said. In its manufacturing business, several contracts were delayed, it said, without giving details.

"Our first-quarter results have been impacted by several exceptional factors," Chief Executive Dany Safi said in the statement.

"Within the chilled water business this was largely foreseen and we remain on-track to achieve our full year budget for the segment and for the group," Safi said.

The last time profit was lower was in the fourth quarter of 2005, according to data from newswire Reuters. (Reuters)

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