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FINANCIAL NEWS
Dubai’s Depa reports USD30m loss in H1
04 Sep 2012
(MENAFN) Dubai-based interiors firm Depa Limited reported USD29.94 million loss during the first half of 2012, compared to USD13 million net profit a year ago, Khaleej Times reported.
The company also reported 10 percent increase in half-yearly revenue to USD224.55 million from USD203.86 million a year ago.
The company attributed the losses to some issues involved in three specific projects including the termination of the Lindner Depa joint venture contract for the New Doha International Airport.
Depa’s backlog of projects grew by 17 percent to USD743.9 million in the period, compared to USD626 million a year earlier, the company said.
Total assets dropped to USD802.9 million by June 30 from USD898.19 million at December 31, 2011, the company added.
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