DUBAI, Feb 14 (Reuters) - Dubai contractor Arabtec swung to a net profit in the fourth quarter, its fourth consecutive quarter of profitability.
Arabtec made a net profit attributable to owners of the parent of 47.8 million dirhams ($13.02 million) in the three months to Dec. 31, Reuters calculated based on yearly financial statements in lieu of a quarterly breakdown.
This compares with a net loss of 2.95 billion dirhams in the corresponding period of 2016, according to Reuters’ calculations.
After several tough years due to a slumping regional construction market and internal management changes, Arabtec’s fortunes appear to have improved over the past year or so as it has picked up a spate of new contracts.
The company helped build the Louvre Abu Dhabi, which opened last year. It said its backlog of projects at the end of December stood at 17.2 billion dirhams, adding that there was a “solid” pipeline of future tender opportunities.
$1 = 3.6726 UAE dirham Reporting By Tom Arnold Editing by Christian Schmollinger