Gulf News reported that Arabtec Holding saw its Q2 net profit fall 74% as administrative expenses almost doubled in the period.

The UAE's largest construction company made a net profit of AED 28.9 million in the 3 months to June against AED 111 million in the year ago period.

Arabtec said that revenue was AED 1.22 billion slightly down from AED 1.28 billion in the Q2 of 2010. However, general and administrative expenses jumped to AED 94.1 million from AED 49.2 million.

The company said that in June it expects to maintain its backlog of projects worth around AED 15 billion across all of its markets by the end of the year.

(Sourced from Gulf News)