Dubai – Mubasher: Depa Limited, which is listed on NASDAQ Dubai, said Wednesday it turned to profit in the fiscal year 2014, after posting losses for two successive years.
The company, a leading interior contracting solutions provider, recorded AED 49.12 million ($13.367 million) in net profits for FY14, against AED 143.517 million ($39.05 million) a year earlier.
Meanwhile, net profits after minority interest amounted to AED 44 million, versus AED 131 million in net losses after minority interest in FY13, according to the company’s statement.
Depa said it has just completed another year of transition, led by a number of changes in its board.
“Despite the strong competition and challenging conditions within the industry, we have remained committed to our strategy of keeping a superior price point in-line with the high quality of products we offer,” the company said.
“As a result, our revenue and backlog have decreased on an annual basis. However, our decision to be more selective has ensured healthier margins, improved receivables collection and a profitable year with Depa returning to profits after posting significant losses previously,” the company added.
