Arabtec Q1 net profit drops 25.7%

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Dubai contractor Arabtec, part-owned by Abu Dhabi state fund Aabar Investments, reported a 25.7 percent drop in net attributable profit for the last quarter on Thursday, as costs rose.

Arabtec, which replaced its chief executive in March as part of a management shake-up, reported a first-quarter profit of AED62.5m ($17m) compared to AED84.1m in the corresponding period of 2012.

The earnings beat estimates of five analysts polled by Reuters, who had expected on average a net profit of 35.8 million dirhams for the first quarter.

Revenue for the quarter rose to AED1.54bn from AED1.29bn a year earlier. However, direct costs increased to AED1.35bn from AED1.08bn.

The company also said it had suspended its project in Syria because of unrest in that country.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
What happens when Dubai's lights go out?

What happens when Dubai's lights go out?

With about one-fifth of Dubai properties voluntarily left vacant...

Coming to America

Coming to America

As Barack Obama seeks to rebalance the bloated US economy, the...

Trump casino resort business files for bankruptcy

Trump casino resort business files for bankruptcy

The Donald founded the companies but is now suing them to have...

Most Popular
Most Discussed