Dubai's Depa records $53.9m net loss in previous year

Dubai based interior contractor Depa Ltd has announced its financial figures for the year 2010 reporting a net loss of $53.9m. Firm’s operating loss, according to a statement posted on Nasdaq Dubai, stood at AED3.8m for the year.

Mohannad Sweid, Chief Executive, termed the year 2010 as "recession year" for the firm and said that it had seen a very challenging period. He, however, projected rosy picture of the future adding that it would return to profit in the coming period. He was relying on impending infrastructure projects and hoped that the forthcoming FIFA World Cup would definitely push its growth.

The firm’s net revenue declined from AED2.7bn in 2009 to AED1.8bn despite its increased operations in Malaysia, Azerbaijan, Thailand, Syria and Yemen. Company’s goodwill impairment and deferred tax asset write-off were reported at AED67m for the year.

Depa said in a statement, "The Company has made significant efforts in 2010 preparing for the coming years of expected growth. Management believes that 2011 will be a much stronger year than 2010, and expects the company to see a return to high profit levels."

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