Arabtec third quarter profit drops 35%

Dubai: Dubai-based construction major Arabtec has posted a third-quarter net profit of Dh166.6 million ($45.36 million), down 35 per cent 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 Dh255.35 million 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. Russia now forms one of the biggest markets for the company, which is working on a $2.7 billion tower in St Petersburg.

The company's third quarter revenue fell 27 per cent to Dh1.66 billion, according to the statement. The construction company made a net profit attributable to shareholders of Dh511.7 million in the first nine months of the year.