Dubai-based interior fit-out contractor Depa says the AED110m ($30m) loss it made during the first half of this year was due to cancellation of work at New Doha International airport (NDIA).
Depa, in joint venture with Germany’s Lindner, had its AED900m contract at NDIA, which was awarded in October 2011, terminated in June.
The cancellation followed the joint venture having its AED96m contract performance bond and AED81m advance payment guarantee for the work pulled by the project client.
Despite the losses made by Depa in the first half, revenues grew. They climbed 10 per cent to AED825m from AED749m in the same period in 2011.