Arabtec's Q2 profit down by 33%

UAE construction giant reports net profit of nearly $50m, down a third compared to same period in 2008.
Arabtec's Q2 profit down by 33%
PROFIT FALL: Arabtecs second quarter profit was down by 33 percent. (ITP Images)
By Jason Benham
Wed 29 Jul 2009 02:48 PM

Dubai's Arabtec reported a second-quarter net profit of 183 million dirhams ($49.82 million), down 33.1 percent from the same period last year.

The company made a net profit of 345 million dirhams in the first half of the year, Arabtec said in a statement on Wednesday.

It made a second quarter profit of 505 million dirhams in the first half of 2008. The contractor made a net profit of 273.47 million dirhams in the second quarter of last year and 161 million dirhams in the first quarter of 2009. (Reuters)

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