Arabtec registers a dip of 35% in Q3 net profit

Arabtec, leading Dubai-based construction company, has reported a dip of 35% in its third-quarter net profit.

The company has posted a net profit of Dh166.6 million ($45.36 million) in the reporting quarter.

In the comparable period of 2008, the construction company has registered a net profit of Dh255.35 million.

The sources informed that the company has ventured into new markets such as Russia as the downtrend has hit business at home.

Recently, Arabtec has announced that will soon bid on projects in Algeria as well as Egypt and was considering spreading out its footprints in Libya, Syria and Morocco.

Company's third three month period revenue has witnessed a dip of 27% to Dh1.66 billion.

In a separate release, the company has informed that it has posted a net profit attributable to shareholders of Dh511.7 million in the first nine months of the current financial year.