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Stock sales hit Arabtec profits

Arabtec Construction recorded profits of US $10.5 million (AED38.6 million) in the first three months of this year — a 70% increase on the first quarter of 2005.

Arabtec Construction recorded profits of US $10.5 million (AED38.6 million) in the first three months of this year — a 70% increase on the first quarter of 2005.

But net losses from stock sales and revaluation totalling nearly $500,000 and expenses incurred by the corporate office of parent, Arab Technical Construction Company PJSC of $1.2m, mean that the overall profit stands at $9.2m.

Sheikh Butti Bin Maktoum Bin Juma Al Maktoum, chairman of Arab Technical Construction Company PJSC, said: “We expect Arabtec revenues to exceed $817 million by the end of the year, an increase of over 17% over the past year.”
Arabtec is the UAE’s only quoted contractor.

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