Dubai-Mubasher: Depa Limited, a UAE-based interior contracting company, reported an 84.8% plunge in its profits to AED 7 million ($1.91 million) for the first nine months of 2015, compared to AED 46 million ($12.5 million) in the same period of 2014, according to the company’s statement on Tuesday.
Revenues declined 14.5% to AED 1.19 billion in the nine-month period from AED 1.39 billion.
The total value of new awarded projects stood at AED 1.227 billion in the first nine months of 2015.
Financials also showed a 16% growth in net profit after non-controlling interest to AED 22 million in the third quarter of 2015, compared to AED 19 million in the same quarter of 2014.
The company landed new contracts worth AED 279 million in the third quarter despite the economic challenges.
In the nine-month period, Depa was able to generate positive cash from operations of AED 84 million while reducing its bank borrowings significantly by AED 90 million, which resulted in improved net cash position of AED 179 million compared to AED 77 million in the same period of 2014.
The backlog reached AED 2.3 billion as on 30 September 2015, compared to AED 2.1 billion at the end of 2014. The approach is reflected in the year-to-date revenue, which declined to AED 1.18 billion in the nine-month period from AED 1.39 billion.
