Arabtec Holding PJSC reported a 96 percent slump in third-quarter profit, missing analysts’ estimates as the biggest construction company in the United Arab Emirates was hurt by project cancellations.
Net income dropped to 6.8 million dirhams ($1.9 million) from 166.6 million dirhams a year earlier, Dubai-based Arabtec said in a statement to the bourse today. The median estimate of six analysts was for a profit of 105 million dirhams, according to data compiled by Bloomberg.
Half of all planned real-estate projects in Dubai were canceled or face that fate after the credit crisis eroded demand and a housing glut drove down property prices. Construction companies in Dubai are searching for contracts elsewhere.
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