(MENAFN) Dubai-based contractor Arabtec Holding reported a 10.5 percent decline in quarterly profit, and is seeking equity-linked fundraising options, Reuters reported.
The company said it earned USD9.5 million net profit during the third quarter, down from USD10.6 million a year earlier.
Arabtec also reported a 27.3 percent increase in quarterly revenue to USD381.1 million compared to a year ago.
The results included a USD5.17 million deficit, as the company transferred into its income statement the shift in value after the sale of a portion of its sukuk holding in state developer Nakheel, Arabtec said.
The Islamic bond was part of the Dubai developer's restructuring agreement, with creditors taking 60 percent of their owed cash in the form of sukuk.
The builder unveiled plans to resort to available funding options, which could include a capital increase or a convertible bond issue, in order to fund expansion plans.
Arabtec has previously said it was looking at such equity-linked fundraising but was shelved in March 2011 because of political unrest in the region related to the Arab Spring.