Dubai's Depa expects 40% rise in profit Q109

Dubai-based interior contractor Depa said it expects first-quarter profit to rise by more than 40 percent from a year ago, with profit for the year largely from outside the emirate.

The firm is on target to achieve around 30 percent revenue and profit growth for 2009, it said in a trading update on Wednesday.

The prediciton comes on the same day as Depa's boss told Arabian Business that the fit-out of its most high-profile project the Burj Dubai has been a logisitcal "nightmare".

"Depa continues to diversify revenues and reduce dependence on the Dubai market," the trading update said.

A significant amount of its revenue and profit for the year were expected to come from Abu Dhabi, Saudi Arabia and Asia, it added.

Plans to persue more business opportunities outside Dubai have been repeated by other contractors in the UAE in a bid to doversify source sof income as the emirate's once booming property sector slows.

Depa said it had a backlog of projects worth about AED3.2m ($871,500) as of March 31.

Net profit for 2008 rose 21 percent to AED194.5m. (Reuters)

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