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Tabreed’s profits rise by %277.5 in the first quarter

2010-04-26

            April 26 (Bloomberg) -- National Central Cooling Co., the United Arab Emirates-based refrigeration company, said its board approved deferral of annual payments on 1.7 billion dirhams ($463 million) of Islamic bonds maturing in 2011. The annual payment due May 19 was deffered pending further consideration by the board of “potential amendments to the terms of 2008 sukuk in connection with the company’s recapitalization program,” the company, known as Tabreed, said in a statement to the Dubai bourse today. The company said in a statement that had been published on the DFM website that its net income in the first quarter of the current year reached AED 40.4 million comparing to AED 10.7 million in the same period of the last year; growth of %277.5.