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FINANCIAL NEWS
Depa loses USD53.96m in 2010
02 Apr 2011
(MENAFN) The UAE-based Depa revealed losses in 2010 amounting to USD53.96 million, thus registering the company’s worst loss ever, reported The National.
Depa cited heavy losses to the writing down the value of a contract to construct the interiors of the Burj Khalifa, the tallest building in the world, in addition to the slowdown in the Emeriti market as a whole.
The company also said that revenues dropped by 32.5 percent, year on year, amounting to USD490 million.
It is worth noting that the company expressed confidence in the financial results for the current year. The company expanded into Malaysia, Azerbaijan, Thailand, Syria and Yemen last year to diversify its income sources.
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