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Arabtec Q3 profit drops 10.5%
- United Arab Emirates: Wednesday, November 07 - 2012 at 04:12
Dubai's largest listed contractor Arabtec Holding has reported a 10.5% fall in third-quarter profit and said it was looking at equity-linked fundraising options, Reuters has reported. The company made a profit of Dhs35m ($9.5m) in the three months to September 30, compared with Dhs39.1m in the same period in 2011. Revenue for the quarter was Dhs1.4bn, up 27.3% on the same period last year. Arabtec also said it is considering funding options available to the firm, which could include a capital increase or a convertible bond issue. The builder has gradually shifted its focus to Saudi Arabia and Qatar over the last few years, as its home market continued to be impacted by the property market collapse. However, a gradual recovery has prompted some developers to restart stalled projects.
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