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Arabtec first-quarter profit down 17%
Drop in net income is roughly in line with analysts’ expectations.
May 10, 2010 1:41 by Ben Flanagan
Arabtec Holding, the UAE’s largest construction company, reported a 17 percent drop in Q1 profits, according to a statement posted on the Dubai Financial Market website.
Revenue dropped 17 percent to AED1.55 billion, while net income fell to AED134.5 million.
The fall in profit was roughly in line with expectations, with Bloomberg’s poll of six analysts forecasting a profit of AED134.8 million.