Tabreed's Q3 net profit edges up 3pc
Dubai, November 4, 2013
District cooling firm Tabreed , partly owned by Abu Dhabi state fund Mubadala , reported a 3 percent rise in third-quarter net profit on Monday on the back of revenue growth in its chilled water business and lower financing costs.
The Dubai-listed firm made a third-quarter net profit of 75.1 million dirhams ($20.5 million) compared with 73 million dirhams in the corresponding period of 2012.
Tabreed, which provides cooling systems to residential and commercial properties in the Gulf, posted a 21 percent increase in nine-month net profit to 202.3 million dirhams, it said in a statement on Dubai's bourse.
Revenue for the third quarter rose slightly to 329.2 million dirhams against 326.4 million dirhams in the prior-year period. – Reuters