District cooling firm Tabreed's first-quarter net profit fell 21 per cent on Tuesday and the company said its current liabilities and accumulated losses may hurt its ability to continue as a going concern.
The Dubai-listed firm, also known as the National Cooling Company, posted profit of 31.9 million dirhams ($8.69 million) for the quarter, compared with net profit of 40.4 million dirhams in the year-ago period. Revenue for the first quarter came in at 246.6 million dirhams, Tabreed said in a bourse statement.
The company said current liabilities exceeded its current assets by Dh2.6 billion, while accumulated losses of Dh972 million amounted to 400 per cent of its issued share capital as of March 31.
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