Dubai-based interiors contractor Depa Ltd fell into the red in the first half of the year due to an outstanding claim relating to a project, it said on Thursday, sending its shares lower.
Depa said in a statement it made a net loss of 103.6 million dirhams ($28.21 million) due to a claim relating to Burj Khalifa, the world’s tallest tower in Dubai.
The firm said the claim should be “resolved in time.”
Its shares closed 3.3 percent lower on Nasdaq Dubai.
Net profit for the first six months of the year was 82 million dirhams ($22.33 million) before accounting for expenses related to the claim, it said. Profit for the same period last year was 91.7 million dirhams.
Depa said on Thursday its backlog of projects was 2.15 billion dirhams as of June 30, marginally lower than 2.6 billion dirhams in the first six months of 2009.
Its backlog had however risen to 2.4 billion dirhams as of August 25 this year, it added.
The firm said it expects to increase the proportion of its revenues and backlog derived from outside Dubai, noteably from Singapore and Abu Dhabi.
Outside the Gulf Arab region, the contractor has won contracts in Angola, China and Malaysia, it said. (Reuters)