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 Globalist
2010-08-02 17:13, Economics.

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