BUZZ-Dubai's Arabtec jumps from 9-year low on Q1 profit rise

May 10, 2018 1105
Company reported Q1 net profit attributable to shareholders of $17.3mln

** Shares in Dubai-listed construction firm Arabtec ARTC.DU jump 6.9 percent to 1.71 dirhams in early, unusually heavy trade; on Wednesday, stock had hit nine-year low

** Arabtec reported on Thursday Q1 net profit attributable to shareholders of 63.6 mln dirhams ($17.3 million), up from 17.6 million dirhams a year ago; highest profit since Q3 2014. Q1 revenues also rose

** Company seeking to recover from construction industry downturn in region and difficulties in obtaining receivables, especially in Saudi Arabia

** Seven analysts covering stock have median target price of 2.65 dirhams, according to Thomson Reuters data

** Dubai's stock index .DFMGI edges up 0.3 percent

Zawya