UAE- Tabreed profits nearly quadruple in Q1

26 Apr 2010

(MENAFN) Abu Dhabi-based Central Cooling Co. (Tabreed) announced that its net income has jumped to $11 million in the first quarter of 2010, up from $2.9 million in the same period of 2009, Bloomberg reported.

The refrigeration company said in a statement to the Dubai Financial Market that its first-quarter revenue declined to $50.2 million from $51.6 million.

On March 8, the company said it is seeking approval from shareholders to renegotiate terms on a $200 million floating-rate note and the local currency- denominated convertible sukuk.

Tabreed is among Gulf Arab companies seeking to restructure debt after the global economic crisis dried up financing and brought a property boom to a halt.

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