(MENAFN- Khaleej Times) National Central Cooling Company, or Tabreed, on Tuesday released its consolidated financial results for the first quarter of 2013, showing that the company continued to benefit from the consistent performance of its core chilled water business and its cost discipline.
Highlights for the three months ended March 31, 2013, showed that net profit attributable to the parent increased by 30 per cent to Dh47.8 million, compared to Dh36.8 million in the same quarter last year. Group revenue remained consistent Dh219 million and in line with expectations as the phase-out of the non-core businesses continued.
Chilled water revenue increased by five per cent to Dh202.7 million from Dh193.2 million, while chilled water profit from operations increased by one per cent to Dh74.3 million from Dh73.2 million.
Earnings before interest, taxes, depreciation and amortisation increased by five per cent to Dh110.4 million from Dh105.5 million. Net finance costs decreased by 14 per cent to Dh38.7 million from Dh45 million.
"We remain committed to pioneering creative solutions for some of the key challenges facing the region," Tabreed chairman Waleed Al Mokarrab Al Muhairi said. Â
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