Wednesday 9 May 2012

UPDATE 1-Dubai's Arabtec Q1 net surges; beats view - Yahoo! News UK

Arabtec Holding, the United Arab Emirates largest construction firm by market value, more than tripled it's first-quarter net profits, exceeding analysts' forecasts, and said on Wednesday it was considering buying out its steel subsidiary.
The company, in which Abu Dhabi state-owned fund Aabar has a 10.5 percent stake, made a net profit of 84.1 million dirhams ($22.90 million) in the quarter, compared with 26.6 million dirhams in the corresponding period last year.
Revenue for the quarter rose slightly to 1.3 billion dirhams from 1.2 billion dirhams in the previous year, Arabtec said in a bourse statement on Wednesday.

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