Dubai – Mubasher: Arabtec Holding recorded a positive turn in income statements for the second quarter this year against losses in the same period of 2016.
The UAE company achieved profits of AED 40.79 million ($11.1 million) in Q2-17 versus losses of AED 194.76 million ($53 million) in Q2-16, according to a bourse statement issued on Wednesday.
Arabtec’s general and administrative expenses shrank by 52.5% to AED 73.6 million in Q2-17 from AED 155 million in Q2-16.
Net financing expenses decreased by 5% to AED 20.2 million in Q2-17 compared to AED 21.19 million in Q2-16, the statement added.
During the first six months of 2017, Arabtec recorded a profit of AED 41.86 million against a loss of AED 242.79 million in H1-16.
It is noteworthy that the company achieved a profit of AED 17.6 million in the first quarter this year versus a loss of AED 46.4 million in Q1-16.
