UAE- Arabtec posts 17% plunge in Q1 profit

10 May 2010

(MENAFN) A statement issued by Arabtec said that it saw a 17 percent decline in its first quarter profit, as revenue dropped amid Dubai’s property market crisis, Reuters reported.

Arabtec, UAE’s largest builder by market value, posted a net attributable profit of $36.63 million in the first quarter, compared to a profit of $43.88 million in the same period a year earlier.

The profit excludes an unrealized loss of $462 million for the revaluation of available-for-sale financial assets during the three-month period.

Since late last year, property prices have been under pressure when the financial crisis and a plunge in oil prices ended a six-year economic boom in the Gulf region. Arabtec posted its first ever quarterly-loss in the fourth quarter after a charge of about $80 million for bad debt.

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