Tabreed Q1 net profit up 15pc
Dubai, May 1, 2012
National Central Cooling Company (Tabreed) reported a 15 per cent rise in first quarter profit on Tuesday as operating costs declined by a quarter for its chilled water business.
Tabreed made a net profit of 36.8 million dirhams ($10 million) in the three months to March 31, up from 31.9 million dirhams a year earlier, a company statement said.
Net profit was lifted by a 5 per cent increase in chilled water revenue, and a decline in operating costs of 25 per cent.
Total revenues in the first quarter declined 11 per cent however to 219 million dirhams which the company said was expected as it continues to phase out non-core businesses.
'Due to our continued cost control and improved organisational efficiencies, operating costs declined 25 per cent and operating profit increased 14 per cent compared to the same period last year,' Sujit S Parhar, Tabreed's chief executive said.
'Net finance costs were notably lower reflecting our stable and improved capital structure.'
Tabreed shares are up 160 per cent this year so far, having ended 2011 70 per cent lower. Earnings were announced before the Dubai Financial Market opened for trading. – Reuters
More Construction & Real Estate Stories
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings
- 'Smart' move by Dubai Design District
- Drake unit wins $13m contract in India
- Solar-powered cleaning boats launched in Sharjah
- $27m Expo Hotel Sharjah deal signed
- Arabtec unit wins $282m Emaar contract
- Abu Dhabi to host pool & spa expo
- ADCM unit secures $213m bridging loan
- Cluttons Dubai launches new luxury apartments
- Dubai developer Damac profits triple to $641m
- Dubai to start work on $544m water canal
- Dubai property market can absorb 25,000 units
- Jones Lang LaSalle renamed 'JLL'
- Aldar raises synergy estimate from Sorouh merger
- UAE industrial property sector keeps up growth
- Dubai residential property prices up 26pc
- Majid Al Futtaim to build new mall in Dubai IMPZ
- 300 firms to take part in Dubai property forum
- Naseej inks deal to develop Bahrain projects
- Dadabhai unveils new residential project
- Flowcrete completes Dubai Mall project
- Global asphalt demand hits new high
- $1.3bn infrastructure investment firm set up in Saudi
- Manara sees big project villa success
- Global giants eye RAK utility projects
- Cayan partners with international artist Zsuzsanna