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Wednesday, 9 August 2017

Dubai builder Arabtec swings to Q2 profit, Depa investment helps

Dubai builder Arabtec swings to Q2 profit, Depa investment helps:

"Dubai builder Arabtec said on Wednesday that it had swung to a net profit in the second quarter, boosted by profits from its investment in interior designer Depa as well as by cost-cutting. Arabtec made a net profit attributable to equity holders in the parent of 39.8 million dirhams ($10.8 million) in the three months to June 30, compared to a loss of 186.4 million dirhams a year ago. It was Arabtec's second straight profitable quarter; in 2015 and 2016, it consistently posted loses as the company coped with a slumping regional construction market, which has been hit by government austerity measures due to low oil prices, as well as internal management changes."



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