Arabtec Holding, the largest construction firm in the UAE, has announced second-quarter net profit of Dh183 million (US$49.82m), marking a 33% decline from Dh273m in the same period last year.

Net profit for the second quarter was up 14 per cent from the first quarter, resulting in a profit of Dh345m for the first six months of the year, the company said in a statement.

Arabtec’s order book has been hit hard by the downturn. According to Al Mal capital, cancelled projects in the UAE have reduced its value to about Dh31bn, compared to about Dh39bn at the end of 2008.

The National