Arabtec Holding lost profits due to the real estate market collapse
Arabtec Holding has remained without foundation
In brief: UAE: Arabtec Holding profit fell by 40%. The construction market continues to stagnate.The largest in the United Arab Emirates construction company Arabtec Holding has published evidence of profit declines for the second quarter by 40% due to slow construction boom in Dubai.
It is reported that net income fell to 111.1 million dirhams ($ 30 million) or 11 fils per share, compared with 183.9 million dirhams, or 15 fils per share, a year earlier. However analysts expected a profit of 144 million dirhams. It is worth noting that Arabtec Holding sales in the second quarter of this year fell to 1.28 billion dirhams, compared to 2 billion dirhams over the same period in 2009.
Ukrainian Globalist2010-08-02 17:13, Economics.
News on: Arabtec Holding, dirham, Dubai, real estate, real estate market collapse, United Arab Emirates, USD