Thursday 31 March 2011

Depa posts 2010 loss in 'recession year'

Interior contractors Depa reported a 2010 net loss of Dh198.2 million ($53.98 million), as the Dubai-based firm was hurt by claims over the world's largest tower and goodwill impairment charges.

Depa said in a statement to Nasdaq Dubai on Thursday that it incurred an operating loss of Dh3.8 million for the year, excluding the one-time Burj Khalifa interim claim of Dh186 million, which has been taken through the income statement.

Chief executive Mohannad Sweid said 2010 was the company's 'recession year' but expects to return to high profit levels in 2011. It reported a goodwill impairment and deferred tax asset write-off of Dh67 million for the year.

1 comment:

  1. In 2009 Depa was in profit, and according to news its backlog is more than they show in 2009. After unsatisfying from world biggest building, they are eying for new projects in other Arab countries. And hoping that the FIFA World Cup in Qatar would help in improving their economical factors.

    ReplyDelete