Should we call it "first signs of recovery"?
Arabtec recorded a 83% rise in Q1 2016 net result, amounting to AED-46.4m, up from AED279.82m in Q1 2015. The drop in net losses is due to higher revenues which increased by 8.4% to AED1.94bn against AED1.79bn in the same period last year. Direct costs decreased to AED1.89bn (-2% yoy) and General and administrative expenses declined to AED103m (-26% yoy) thanks to the group’s ongoing reorganization and cost reduction programme.The project awards have reached AED8.35bn and the backlog totaled to AED24bn, up from AED19.3bn in the previous quarter (during Q1 2016, Arabtec commenced works for Bahrain International Airport, West Yas villas and the twin towers in central Dubai).
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