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FINANCIAL NEWS
UAE’s Tabreed reports USD15.7m profit in Q2
01 Aug 2012
(MENAFN) UAE cooling firm Tabreed reported a 32 percent increase in quarterly profits, driven by its core chilled water business and lower finance costs, Reuters reported.
The company said it made USD15.7 million net profit during the second quarter, up from USD11.9 million a year earlier.
The company also reported a three percent increase in quarterly revenue to USD80.8 million from USD78 million a year earlier, driven by 5 percent increase in its chilled water, Tabreed’s core business.
Formally known as National Cooling Company, Tabreed, like other Gulf firms, had to restructure its debt after the property market boom ended abruptly in 2009.
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