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Depa says Arab Spring to dampen 2011 results

Dubai, July 14, 2011

Interior contractor Depa Ltd  said on Thursday that regional unrest would cool its full-year results as the uncertainty prompted a delay in signing several large projects.

Depa's backlog was 2.3 billion dirhams at the end of June, similar to the backlog amount at the end of March, it said in a statement to Nasdaq Dubai.

'Uncertainty generated by the Arab Spring has delayed the signing of a number of larger projects in the Mena region and this lag effect will dampen full year market expectations,' it said.

The Dubai-based firm, which has been rapidly expanding in the region to weather a sharp downturn in its home property, has signed around 800 million dirhams ($217.81 million) worth of projects so far this year, it added. 

Recent contract wins include projects in India and Azerbaijan. Depa reported a 2010 net loss of 198.2 million dirhams as the firm was hurt by claims over the world's largest tower in Dubai, Burj Khalifa, and goodwill impairment charges. -Reuters




Tags: Dubai | interior | Depa | unrest |

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