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FINANCIAL NEWS
Tabreed Q1 net profit down 25%
11 May 2011
(MENAFN) Tabreed’s CEO, Sujit Parhar, said that as a result of higher cost that came from a recapitalization program which finished in April, the Abu Dhabi district cooling company’s first quarter net profit went down by twenty five percent reaching USD8.9 million compared with USD11.9 million in 2010, reported The National.
Parhar added that in late 2008, when local and international banks started decreasing their lending to UAE companies as the credit crisis spread, the company began facing difficulties, adding that Tabreed was connected to the property sector and spent a fortune on factories for projects that later the company postponed which led it to sell assets to long term infrastructure funds with limited success.
He also said that this year, the company would be able to cover its debt due to better profits, recapitalization and restructuring since it finished the refinancing of USD715 million in debt last month. In addition, the company’s chilled water revenue went up to USD49.8 million from USD37.8 million in 2010 whereas contracting revenue rose to USD17.4 million from USD8.7 million.
It is worth noting that Tabreed has additional thirteen plants under construction, including eight for the Dubai Metro Green Line.
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