Dubai-listed developer Arabtec Holding reports profits of AED 42 mn in the first half of 2017, against losses of AED 243 mn in the prior-year period, Invest-Gate reports.

The profit rise was supported by lower costs that declined nearly 10% in the second quarter of 2017.

Profits reached AED 40.79 mn in Q2-17, against losses of AED 194.76 mn in Q2-16.

The firm successfully completed its recapitalization program in June, which “stabilized the business enabling the group to look to the future and ensure we can begin capitalizing on opportunities”, the company says in a bourse statement.

The company’s backlog reached AED 17.4 bn in H1-17 compared to AED 22.6 bn in H1-16. However, a strong pipeline of tender opportunities is going forward.