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FINANCIAL NEWS
Dubai’s Arabtec net profit falls 32 percent in Q3
16 Nov 2014
(MENAFN) Arabtec, Dubai’s largest contractor, said that it has registered a decline by 32 percent in its net profit during the July-September period of this year, Arabian Business reported.
During the third quarter of this year, the builder, in which Abu Dhabi state fund Aabar Investments owns a 34.9 percent stake, said that it has registered a net profit of USD18.71 million, a decline compared with USD27.43 million in the corresponding period of 2013.
Meanwhile, the company’s quarterly revenue registered an increase, with USD653.22 million registered during this year’s third quarter compared with USD528.02 million during the same period last year, despite an increase in general and administrative expenses, which rose 89 percent to reach USD65.75 million during the July-September period of this year.
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