April 28, 2014 / 5:56 AM / 4 years ago

UAE cooling firm Tabreed's Q1 net profit rises 22 percent

DUBAI, April 28 (Reuters) - District cooling firm Tabreed , partly owned by Abu Dhabi state fund Mubadala , posted a 22 percent increase in quarterly profit on Monday on the back of increase in its core chilled water business.

The Dubai-listed firm made a first-quarter net profit of 58.24 million dirhams ($15.86 million) compared with 47.84 million dirhams a year earlier.

Its core chilled water revenue increased by 3 percent to 208.2 million dirhams, the company said in a statement.

$1 = 3.6730 UAE Dirhams Reporting by Olzhas Auyezov

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