Tuesday, Apr 30, 2013
DUBAI (Zawya Dow Jones)--National Central Cooling Co. (TABREED.DFM), a district cooling company based in the United Arab Emirates, said first-quarter net profit rose 30% on year to 47.8 million dirhams ($13 million) as the cost of servicing its debt was reduced despite revenues being flat.
Tabreed said in an emailed statement that its core chilled water business and "cost discipline" boosted the company's quarterly results.
Group revenues remained flat at AED219 million for the quarter, while the company's chilled water revenues increased 5% to AED202.7 million during the period. Its net finance costs fell 14% to AED38.7 million.
Jasim Thabet, Tabreed's CEO, said the company is working on a number of new projects, including a development in Mecca as well as the opening of Yas Waterworld in Abu Dhabi.
Write to Nicolas Parasie at nicolas.parasie@dowjones.com
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(END) Dow Jones Newswires
30-04-13 0538GMT
