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FINANCIAL NEWS
UAE’s Arabtec Q2 profit down 74% to USD7.9m
07 Aug 2011
(MENAFN) Arabtec property developer said that in the second quarter, the company’s profits dropped by 74 percent reaching USD7.9 million, reported Arabian Business.
The UAE, Dubai based company added that the decline resulted from an increase in general and administrative expenses which almost doubled to USD25.6 million, whereas revenue slipped by 5.1 percent reaching USD331 million.
It also said that by the end of 2011, its projects would worth about USD4.08 billion; moreover, Arabtec, Dubai’s largest builder by market value, would aim to expand its investments outside Dubai, shifting its focus towards Saudi Arabia in an attempt to make the country its largest market.
It is worth noting that as a result of less revenues and a decline in investments in the UAE, in the first quarter of the year, Arabtec’s profits fell by 80 percent.
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