Tabreed net profit surges 54pc

Abu Dhabi, November 4, 2011

District cooling firm Tabreed has reported a 54 per cent jump in quarterly profit, boosted by its core chilled water business, and said capital expenditures will nearly double by the end of next year.

Dubai-listed Tabreed, which received funding earlier this year from state-owned fund Mubadala to restructure debt, said third quarter net profit was Dh54 million ($14.7 million) for the quarter ended September 30.

That compared with profit of 35.1 million dirhams in the prior-year period.

The firm, formally known as National Central Cooling Company, also credited new plants which came on line during the quarter, for the gain.-Reuters 

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