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FINANCIAL NEWS
Dubai- Depa posts USD0.925m Q3 profit
28 Nov 2012
(MENAFN) Depa’s chief executive, Mohannad Sweid, stated that the Dubai-based interiors contractor achieved a third-quarter net profit of USD0.925 million, up from a loss of USD4.35 million in last year’s same period, reported Arabian Business.
Sweid said that contract income rose by 11 percent in the quarter from a year ago to USD114.31 million, driven by a soar of 102 percent in the contract income of Depa’s Asian business, Design Studio, which grew to USD32.29 million.
He added that the firm, which has won over USD299 million of new projects in the current year, of which USD92.72 million were in the third quarter, posted a contract income of USD326 million in the January-September period, up by 11 percent from 2011.
However, in the 9-month period, the company, which fitted out Burj Khalifa, incurred a net loss of USD29.12 million, as a result of three specific contract-related project issues, including the termination of Linder Depa JV contract at the New Doha International Airport.
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