Depa posts Dh103.6 m loss in H1

Dubai-based interiors contractor Depa 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 Dh103.6 million ($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 Dh82 million ($22.33 million) before accounting for expenses related to the claim, it said. Profit for the same period last year was Dh91.7 million.

Depa said on Thursday its backlog of projects was Dh2.15 billion as of June 30, marginally lower than Dh2.6 billion in the first six months of 2009.

Its backlog had however risen to Dh2.4 billion 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, notably from Singapore and Abu Dhabi.

Outside the Gulf region, the contractor has won contracts in Angola, China and Malaysia, it said.