FINANCIAL NEWS

Dubai’s Depa’s loss falls to USD2.3m in Q1

21 May 2012

(MENAFN) Dubai’s Depa Ltd CEO, Mohannad Sweid, announced that the interior contractor incurred a USD2.3 million first-quarter loss, down from a loss of USD5.25 million in 2011’s same period, reported Arabian Business.

Sweid said that contract income jumped 15.5 percent during the period, reaching USD102.9 million.

He added that during the first 3 months of 2012, the company won a USD25 million project for the fit-out of Accommodation Towers, Angola, in addition to a contract for the Baku Flame Tower project in Azerbaijan.

Moreover, Depa’s gross profit margin was 10.9 percent, whereas its backlog stood at USD1.06 billion as of March 31.

It is worth ntoing that Depa is the interior contractor that fitted out Dubai’s Burj Khalifa.

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