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FINANCIAL NEWS
Arabtec reports 70% plunge in Q2 profit
03 Aug 2010
(MENAFN) The UAE’s biggest construction company by market value, Arabtec Holding, reported a 40 percent drop in second quarter profit to $30.22 million compared to $49.82 million in 2009, Gulf News reported.
A report issued by Arabtec showed that second-quarter revenue stood at $348 million versus $558 million in the same period, disappointing analysts’ predictions.
The builder’s revenues for the six-month period of 2010 dropped by $296 million to $770.5 million compared to the first half of 2009.
Arabtec’s management, according to its financial statement, remains positive about the recovery of the Dh1.4 billion arising from its dispute with Meydan based on legal opinion it received. The contractor was not available for further comments.
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