Depa's H1 net profit plunges 68% as fit-out firm's expenses climb - The National

Depa's H1 net profit plunges 68% as fit-out firm's expenses climb  - The National:

Depa, the fit-out firm behind the world's tallest tower Burj Khalifa, said first-half net income plunged by more than two-thirds as expenses increased, but it maintains a positive outlook with plans for expansion.

Depa's group net income declined 68 per cent to Dh35.8 million in the first six months of the year compared to Dh113.3m in the prior-year period when the recovery of two major long-outstanding receivables impacted earnings positively, it said in a statement to Nasdaq Dubai. First-half sales grew two per cent to Dh852.2m year-on-year.

"Depa has continued to deliver both sound financial and operational performance in the first half of 2018," said Hamish Tyrwhitt, Depa’s group chief executive. "The outlook for the group remains positive with Depa continuing to invest in organic growth, while evaluating opportunities for inorganic growth through value-accretive acquisitions."