DUBAI: Dubai-based interiors contractor Depa Ltd said on Thursday it is "cautiously optimistic" about 2010 and expects profit and revenues for the year to be in line with 2009.
Depa, which listed shares on the Dubai Financial Exchange in April 2008, will target markets in Abu Dhabi, Saudi Arabia and South East Asia as it looks to reduce its diversify its portfolio, it said in a trading update.
It also continues to target the infrastructure sector.
"We are still expecting revenues and profits within a similar range to those of 2009, although cyclicality will likely weigh revenues and earnings towards the second half," Mohannad Sweid, its chief executive said.
Depa said its backlog of projects stood at AED2.3 billion, up from AED2.1 billion at the end of 2009.
One of its most prestigious projects was Emaar Properties’ Burj Khalifa, the world’s tallest tower which opened in January. Depa’s net profit for 2009 rose 24 percent while revenue grew by more than a third.
Its shares were unchanged at AED0.8 a share at 1132 GMT on Nasdaq Dubai