Tabreed's revenues from core business rose 22% from last year

Tabreed's segmental results showed total revenue of Dhs49.1m generated from the company's core Chilled Water business in comparison with Dhs40.3m for the same quarter in 2007.

The company posted gross profit of Dhs66.5m for the period, up from Dhs62.2m in 2007.

Net profit declined to Dhs10.0m compared to Dhs21.4m in 2007 for the same period.

Tabreed's profits for the quarter in Chilled Water of Dhs11.0m compared with Dhs10.9m for the same period in 2007, were impacted by high inflation in labor costs, administrative payrolls and certain other expenses and overheads.

Within the Manufacturing segment several contracts due to complete in the first quarter were delayed, with profits for the quarter of Dhs5.1m in comparison with Dhs11.3m last year.

Additionally, the company took a negative mark to market against one of its investments, which resulted in a negative cash management result for the quarter.

Commenting on the company's first quarter results Tabreed's CEO Dany Safi said: 'Our first quarter results have been impacted by several exceptional factors, however within the Chilled Water business this was largely foreseen and we remain on-track to achieve our full year budget for the segment and for the group. I am very proud of the 21.8% top-line growth achieved in Chilled Water, and of the group's two successful capital raisings this quarter. We are very well positioned to maintain our record of strong and steady growth.'