Arabtec posts 95.6 percent drop in Q3 profit

Largest builder in the UAE by market value said third quarter net profit fell to AED6.8m
Arabtec posts 95.6 percent drop in Q3 profit
Arabtec said third quarter net profit fell 95.6 percent to AED6.8m
By Joanne Bladd
Sun 07 Nov 2010 10:44 AM

Arabtec,
the largest builder in the UAE by market value, on Sunday said third quarter
net profit fell 95.6 percent to AED6.8m ($1.85m).

The
Dubai-based firm, which made the statement to the Dubai bourse, made a net profit of AED166.6m in the same period a year
earlier.

Arabtec has diversified its operations in the wake of the Dubai real estate crash. The company recently announced a joint venture with Bahrain's Masawa Holding, and has won deals in Saudi Arabia, Egypt and Abu Dhabi.

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