Dubai builder Arabtec's second quarter net profit fell 74 percent, missing analysts' forecasts as the firm's general and administrative expenses almost doubled.
The largest builder in the United Arab Emirates by market value made a net profit of 28.9 million dirhams ($7.9 million), compared with a net profit of 111.1 million in the same period last year, it said in a statement on Dubai's bourse website on Sunday.
Arabtec's shares slumped 5.6 percent at 0829 GMT as part of a regional stock market sell-off as investors reacted to Friday's US ratings downgrade by S&P. Dubai's index fell 4.1 percent.
Revenue for the three-month period ending June 30 was 1.22 billion dirhams down slightly from 1.28 billion dirhams in the same period last year, the statement showed.
General and administrative expenses jumped to 94.1 million dirhams from 49.2 million dirhams, the statement said while finance costs showed a loss of 793,000 dirhams compared to a profit of 5.42 million dirhams in the second quarter of 2010.
Comments
Comments are closed for this article.