Arabtec Falls After Reporing Lower Profit on Expenses - Bloomberg

Arabtec Falls After Reporing Lower Profit on Expenses - Bloomberg:



"Arabtec Holding Co. (ARTC) fell the most in more than a week after reporting a 32 percent decline in third-quarter profit that was lower than analysts forecast as layoff costs boosted expenses.



The biggest publicly traded construction company in the United Arab Emirates said net income dropped to 68.7 million dirhams ($18.7 million) from 100.8 million dirhams in the same period a year earlier, Dubai-based Arabtec said in a statement today. Earnings were forecast at 131.8 million dirhams, the mean of four analyst estimates compiled by Bloomberg. The shares dropped 2.3 percent by 12:23 p.m. in Dubai trading, the most since Nov. 5.



The resignation of Arabtec’s Chief Executive Officer Hasan Ismaik in June and the subsequent dismissal of top managers threw into doubt an expansion plan that saw Arabtec shares quadruple during the CEO’s 15 months in charge. Those who left included the chief operating officer, chief information officer, chief risk officer and mergers and acquisitions head, people with knowledge of the situation said at the time."



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