Tabreed, the Abu Dhabi district cooling company, failed to convert rising revenues from supplying chilled water to buildings into earnings growth in the first three months of the year.
Net profit decreased by 25 per cent to Dh32.8 million (US$8.9m) compared with Dh43.8m in the same period last year. Earnings were hit by higher financing costs, which company officials said came from the final phase of a recapitalisation programme that was completed on April 1.
"Our efforts have remained focused on strengthening our core business of chilled water, which is reflected in the sustained growth of our revenues," said Sujit Parhar, the chief executive of Tabreed. "We continue to improve operational efficiencies and reduce our costs by applying discipline in everything we do."
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