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FINANCIAL NEWS
Dubai’s Tabreed reports USD10m profit in Q1
02 May 2012
(MENAFN) Dubai-based National Central Cooling (Tabreed) reported a 15 percent increase in quarterly profits, over lower operating costs and increased chilled water business, Bloomberg reported.
The company said it made USD10 million net profit in the first quarter, up from USD8.7 million a year earlier. Group revenue declined 11 percent to USD59.6 million.
CEO Sujit Parhar said that operating costs declined 25 percent, while operating profit increased 14 percent compared to the same period last year.
The company said it currently operates 59 plants in the UAE, with a number of additional projects in Bahrain, Oman, Qatar and Saudi Arabia. A new cooling plant came online in the first quarter, the company added.
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