Depa posts $30m loss in H1 2012
Interior design firm blames terminated contract for Doha International Airport for loss
Dubai’s interior fitting firm Depa has blamed the termination of a contract related to work on the Doha International Airport for the net loss of $29.9m the firm recorded during the first half of this year.
This compares with $13m in net income Depa posted a year earlier. Last June, the company’s joint venture firm with Germany’s Lindner announced the cancellation of the $245.03m contract to fit out the 17 lounges at the new $15.5bn airport.
It cited its “refusal to accept new and non-favourable contract terms and conditions after being denied full access to the project site to perform its contract scope of work.”
Depa said its project backlog totalled $735m at the end of June, up 17% year-on-year.
