By Jason Benham
UAE construction giant reports net profit of nearly $50m, down a third compared to same period in 2008.
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)
it vry encourging to know tht arabtec has still made such a gr8 profit despite the on-going crisis... kudos to them... maybe, now they will revert back the 10-20% pay cut rule!