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FinancialNews


  • 08-08-12

    Dubai's Arabtec reports USD3.16m loss in Q2

    (MENAFN) Dubai-base developer Arabtec posted USD3.16 million net loss during the second quarter, compared to USD7.9 million profit a year earlier, Reuters reported. The company also reported USD353.8 million revenue in the quarter, up from USD326.6 million a year earlier. Arabtec attributed its quarterly losses to higher contract and administrative costs. Contract costs increased to USD326.6 million in the quarter from USD272.2 million, while administrative expenses jumped 62 percent to USD41.97 million. Arabtec and its partners Turkey's TAV Insaat and Athens-based Consolidated Contractors Co won a USD2.9 billion contract to construct a terminal at the Abu Dhabi International Airport. The builder, in which Abu Dhabi state fund Aabar owns 21.6 percent, is expected to secure more contracts from the capital city.

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