Publication Date:
Wed, 2010-03-03 00:01
Arabtec Holding said Tuesday 2009 earnings fell 48 percent to 494.9 million dirhams ($134.9 million). Lower sales were partly to blame, as was a 293.9 million dirham ($80 million) charge Arabtec labeled an "allowance for doubtful debts" that might not be recovered. Many foreign and domestic contractors, including Arabtec, have complained of long-delayed payments for completed work in the debt-saddled emirate. Arabtec's CEO told reporters last week that the company stopped work on a project led by Dubai state-run developer Nakheel because it hadn't been paid.
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