Improved Q3 results for Tabreed
Profits up 9% before non-cash finance costs
Abu Dhabi's National Central Cooling Company (Tabreed) posted gross profits of 9% in the third quarter, although non-cash finance costs associated with the 2011 convertible sukuk menat that net profits overall slid by 4% year-on-year.
Total revenue rose by a strong 15% to US$155.4 million, while chilled water revenue rose by 27% year-on-year.
"We have also been making progress on improving our operational efficiencies for existing operations," said Sujit S. Parhar, Tabreed CEO.
"Our priority continues to be reducing our costs and corporate overheads and improving our operational efficiencies so that we can continue to meet the region’s infrastructure needs.”
The results are a welcome improvement on Tabreed's second-quarter figures, which saw revenue dip by 2.7% in comparison to the first quarter, according to utilitiies-me.com's calculations. Reported net income dropped by 4% in the first half against the same period a year earlier.