Arabtec Holding second quarter net profit falls 74 per cent

Dubai: Arabtec Holding saw its second quarter net profit fall 74 per cent as administrative expenses almost doubled in the period, the company said on Sunday. 

The UAE's largest construction company made a net profit of Dh28.9 million in the three months to June against Dh111 million in the year-ago period. 

Revenue was Dh1.22 billion, slightly down from Dh1.28 billion in the second quarter of 2010. However, general and administrative expenses jumped to Dh94.1 million from Dh49.2 million, Arabtec said in a statement to Dubai's bourse. 

The company said in June it expects to maintain its backlog of projects worth around Dh15 billion across all of its markets by the end of the year.