Arabtec Quarterly Net Falls 96% on Canceled Projects
This article is for subscribers only.
Arabtec Holding PJSC reported a 96 percent slump in third-quarter profit, missing analysts’ estimates as the biggest construction company in the United Arab Emirates was hurt by project cancellations.
Net income dropped to 6.8 million dirhams ($1.9 million) from 166.6 million dirhams a year earlier, Dubai-based Arabtec said in a statement to the bourse today. The median estimate of six analysts was for a profit of 105 million dirhams, according to data compiled by Bloomberg.