Monday, Aug 24, 2009
A statement issued by UAE-based manufacturer of power cables in the Middle East, Ducab, said that the company saw an 18 percent decline in sales during the first half of the year, over the same period of 2008, primarily due to the slump in the real estate sector, Khaleej Times reported.
The company reported that the total sales for the first six months of the year were $326 million, and that result was in line with the lower activity in the property sector and was due to the impact on sales value of the sharply lower copper prices.
Ducab, which is jointly owned by the governments of Dubai and Abu Dhabi, said in the statement sales during the second showed a 30 percent improvement over the first three months of the year.
Managing Director of Ducab said that the first quarter of the year was characterized by uncertainty and this adversely affected the company’s sales; however, it saw improvement in demand in the second quarter as construction projects have restarted and some stability has returned to the market.
It is worth noting that Ducab’s advanced cable solutions have laid the foundation for projects ranging from world-renowned hotels, island communities, hospitals, airports, oil refineries and government bodies.
