Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai's Arabtec reports USD9.5m profit in Q3  Join our daily free Newsletter

MENAFN - 06/11/2012

No. of Ratings : 0
Add to Mixx!


 


(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.

 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help