Arabian Business reported that DEPA Limited has won deals worth AED 500 million in the four months to April 31 as it seeks to gain a footing in new markets.
In a statement to the Dubai bourse, the company that fitted out the world’s tallest tower in Dubai said its backlog stood at AED 2.3 billion as of March 3rd 2011.
Mr Mohannad Sweid CEO of DEPA said that “We have made a solid start to 2011, consolidating our market leading position and we are seeing signs of a return to more normal levels of quarterly revenues. We are emerging from our ‘recession year’ and are busy tendering for a large number of new contracts across the hospitality and infrastructure sectors.”
New contracts included an AED 121 million deal in Azerbaijan and a contract to fit out a new JW Marriott Hotel in Baku worth AED 41 million. The company in April won an AED 11.9 million deal to fit out Raithwaite Hall Country Retreat, a luxury country resort in the UK.
DEPA reported 2010 net loss of AED 198.2 million as the Dubai listed firm was hurt by claims over the world's largest tower and goodwill impairment charges. Depa incurred an operating loss of AED 3.8 million for the year excluding a one off Burj Khalifa interim claim of AED 186 million.
(Sourced from www.arabianbusiness.com)
