The company, with a market capitalization of $574.43 million, posted a net profit of $50 million in the corresponding period last year.

Profit for the first half of the year declined 29 percent to $66.86 million against a net profit of $94 million during the same period of 2009, the company said.

The Dubai-based construction giant, which last week signed a memorandum of understanding for a $680 million construction contract to build La Hoya Bay in Ras Al-Khaimah, said its quarterly revenue declined to $348.47 million from $544.48 million.

Arabtec stocks, which lost about 34 percent this year, rose 1.1 percent to AED1.77 on the Dubai bourse on Monday.

While revenue from the Levant region increased from $2.52 million to $7.87 million in a year, work in Pakistan helped the company raise its revenue from that country to nearly $1 million from $132,854 a year earlier, the company said.

Arabtec, which is focusing on winning projects in new markets, has tendered for work in Libya, Turkmenistan, Azerbeijan and Angola. The company has also been approached to build a 100,000-seater stadium on the outskirts of Baghdad in Iraq.