Arabian Business reported that Depa Limited the interior contractor that fitted out the world’s tallest tower in Dubai.

Net income was AED 48 million after a loss of AED 103.7 million in H1 2010. Revenues for the H1 of 2011 were AED 748.9 million down 11.4% on H1 2010 due to delayed starts and slow progress on certain projects in the MENA region, especially in countries currently facing political turmoil.

Excluding the MENA region, the company’s revenues rose by 42.9% to AED 297.5 million while contract profit margin was 20.4% compared to 3.3% in H1 2010.

Mr Mohannad Sweid CEO of Depa said that “Overall performance was strong on many fronts. Our successful diversification strategy reduced the impact of the global macroeconomic and regional geo political environment on our results and backlog growth. Encouragingly, we are witnessing large and mega-projects that were originally delayed finally coming on stream.

He said that the company continues to diversify internationally and this will underpin financial performance and backlog growth and allow Depa to capitalize on the market’s momentum in the near future.

(Sourced from www.arabianbusiness.com)