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Arabtec earns a net income of 134.5 million dirhams in Q1 of 2010

2010-05-10

May 10 (Bloomberg) -- Arabtec Holding PJSC, the biggest construction company in the United Arab Emirates, reported a 16.6 percent drop in first-quarter profit, missing analyst estimates, as revenue declined. Net income fell to 134.5 million dirhams ($36.6 million), or 11 fils a share, from 161.2 million dirhams, or 13 fils, in the year-earlier period, the company said in a statement to the Dubai bourse today. The mean estimate of six analysts" forecasts on Bloomberg was for a profit of 140.2 million dirhams. Revenue dropped 17 percent to 1.55 billion dirhams.