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FINANCIAL NEWS
UAE’s Depa H1 net income USD13m
25 Aug 2011
(MENAFN) Depa’s chief executive, Mohannad Sweid, said that the Dubai-based interior designer’s net income in the first half of the year reached USD13 million compared with a recorded loss of USD28 million in 2010’s same period, reported The National.
Sweid added that in the period, the designer’s total projects’ grew 24 percent, whereas total value of new projects reached USD400 million, moreover, the UAE’s share of the company’s backlog was 21 percent compared with 30 percent in 2010.
He also said that since many projects in the Middle East North Africa (MENA) region were delayed or faced slow operations due to the political unrest, revenues in the period dropped by 11 percent reaching USD203.8 million compared with USD230 million in 2010.
It is worth noting that in the year’s first six months, contract profit margin hiked to 20.4 percent compared with a negative 3.3 percent in the same period in 2010.
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