Property News · May 15, 2016

Arabtec reports Dh46m loss, but Dubai contractor's financial performance improving


Dubai contractor Arabtec reported a narrowing first-quarter net loss on Sunday as revenue rose.The firm had reported losses in the preceding five quarters, which it blamed on increased costs and tough market conditions. In April, its chairman said Arabtec could break even this year and should return to profit in 2017.Arabtec made a net loss attributable to equity holders in the parent of Dh46.4m in the three months to March 31, it said in a statement. This compared with a loss of Dh279.8m in the corresponding period of 2015.Analysts polled by Reuters had on average forecast Arabtec would make a quarterly net loss of Dh123.6m.The firm’s quarterly revenue was Dh1.94 billion, versus Dh1.79bn a year earlier.The company, whose largest shareholder is Abu Dhabi state-owned fund Aabar, has undergone major upheavals over the past few years, with the departure of its chairman and most senior management, while a much-touted $35.8 billion project to build one million homes in Egypt failed to be agreed.Arabtec’s 2015 net loss was Dh2.35bn in 2015, Reuters data shows.business@thenational.aeFollow The National’s Business section on Twitter

Source : thenational.ae
Read more…Arabtec reports Dh46m loss, but Dubai contractor’s financial performance improving

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