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UPDATE 1-Dubai's Arabtec Q3 profit drops 35 pct |
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10.29.2009 |
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* Net profit falls 35 pct to 166.6 mln dirhams
* Revenue down 27 pct to 1.66 bln dirhams
DUBAI, Oct 29 (Reuters) - Dubai's Arabtec ARTC.DU posted a third-quarter net profit of 166.6 million dirhams ($45.36 million), down 35 percent from a year ago and slightly below expectations.
The construction company, which has ventured into new markets such as Russia as the downturn hits business at home, made a net profit of 255.35 million dirhams in the third quarter of 2008, according to a statement posted on the bourse website.
Arabtec said recently it would bid on projects in Algeria and Egypt and was considering expanding in Libya, Syria and Morocco. The company said it would increasingly seek business in Abu Dhabi as construction in Dubai weakens. [ID:nLI372634]
Russia now forms one of the biggest markets for the company, which is working on a $2.7 billion tower in St Petersburg [ID:nL3490150]
The company's third quarter revenue fell 27 percent to 1.66 billion dirhams, according to the statement.
The construction company made a net profit attributable to shareholders of 511.7 million dirhams in the first nine months of the year.
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Source:www.reuters.com |
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