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
Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

1
Time to invest?

Time to invest?

Foreign investors are seeing Qatar as an ideal place to purchase...

1
Heading for a correction?

Heading for a correction?

Property prices may have held relatively steady in Lebanon during...

1
Most Discussed