Arabtec says Q3 net profit down by 35%

UPDATE 1: Dubai's construction giant says third quarter net profit was AED166.6m, down from AED511.7m.
Arabtec says Q3 net profit down by 35%
By Thomas Atkins
Thu 29 Oct 2009 08:48 AM

Dubai's
Arabtec

posted a third-quarter net profit of AED166.6 million ($45.36 million), down 35 percent from a year ago and slightly below expectations.

The construction company, which has ventured into new markets such as Russia as the downturn hits business at home, made a net profit of AED255.35 million in the third quarter of 2008, according to a statement posted on the bourse website.

Arabtec

said recently it would bid on projects in Algeria and Egypt and was considering expanding in Libya, Syria and Morocco. The company said it would increasingly seek business in Abu Dhabi as construction in Dubai weakens.

Russia now forms one of the biggest markets for the company, which is working on a $2.7 billion tower in St Petersburg.

The company's third quarter revenue fell 27 percent to AED1.66 billion, according to the statement.

The construction company made a net profit attributable to shareholders of 511.7 million dirhams in the first nine months of the year.

Analysts polled by Reuters had forecast on average a Q3 result of AED174.4 million. (Reuters)

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