{"id":13094,"date":"2016-05-15T15:00:00","date_gmt":"2016-05-15T08:00:00","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=13094"},"modified":"2016-05-15T13:51:40","modified_gmt":"2016-05-15T06:51:40","slug":"arabtec-losses-continue-but-dubai-contractors-financial-performance-improving","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-losses-continue-but-dubai-contractors-financial-performance-improving\/","title":{"rendered":"Arabtec losses continue, but Dubai contractor's financial performance improving"},"content":{"rendered":"


\nContractor Arabtec has reported its sixth straight quarterly loss, despite an upturn in sales. The company reported a Dh48m loss for the first three months of 2016, which was an 85 per cent reduction on the Dh321.4m loss the company declared in the same period a year ago.Revenue increased by 8 per cent year-on-year to Dh1.94bn, according to newly-filed statements to the Dubai Financial Market.The company still has a number of problems to contend with, though, including ongoing contractual disputes.As revealed by The National in March, Arabtec has renewed its claim against Meydan for money it claims it is owed for work carried out on the construction of the Meydan racecourse.Moreover, accounts reveal that a new dispute has emerged with a minority shareholder of its Qatar subsidiary. The shareholder has refused to sign off last year’s accounts, stating that it accepts “no responsibility for the financial position and performance of the subsidiary” during the year.Arabtec’s statement said that it had obtained legal advice and “strongly believes that the non-controlling shareholder is responsible for their share” of the company’s operations, and any liabilities it incurs.It also said that it believes the outcome of any dispute between the pair would not have any effect on its consolidated results.A note accompanying the accounts filing states that following a board meeting held on Saturday, Arabtec’s directors intend to seek permission from shareholders to use some of its reserves “to extinguish part of its losses”. Its financial statements show that its accumulated losses currently stand at just over Dh2.27bn.Last month, news agency Reuters reported that Arabtec has hired restructuring company AlixPartners to help strengthen its capital base.mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Arabtec losses continue, but Dubai contractor’s financial performance improving<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Contractor Arabtec has reported its sixth straight quarterly loss, despite an upturn in sales. The...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-13094","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-3pc","jetpack-related-posts":[{"id":9028,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-renews-dh1-4bn-dispute-against-meydan-three-years-after-dropping-dubai-racecourse-claim\/","url_meta":{"origin":13094,"position":0},"title":"Arabtec renews Dh1.4bn dispute against Meydan three years after dropping Dubai racecourse claim","date":"March 25, 2016","format":false,"excerpt":"\r \r Arabtec is to recommence its legal action against Meydan, reviving one of Dubai's biggest construction disputes since the financial crisis.It comes three years after the pair agreed to out-of-court talks to resolve their dispute over the redevelopment of the horse racing venue Arabtec is now recommencing its bid\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13138,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-looks-to-shore-up-balance-sheet-as-dubai-contractors-losses-narrow\/","url_meta":{"origin":13094,"position":1},"title":"Arabtec looks to shore up balance sheet as Dubai contractor's losses narrow","date":"May 15, 2016","format":false,"excerpt":"\r The contractor Arabtec has said that it is \"looking at ways to enhance its capital structure\" after posting its sixth successive quarterly loss on Sunday.The company said it \"is currently engaged in discussions with Aabar, its largest shareholder, in respect of potential options for cooperation and continues to remain\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5340,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-contractor-arabtec-announces-loss-of-dh2-3-billion-for-2015\/","url_meta":{"origin":13094,"position":2},"title":"Dubai contractor Arabtec announces loss of Dh2.3 billion for 2015","date":"February 21, 2016","format":false,"excerpt":"\r \r The Dubai contractor Arabtec has this morning announced a full-year loss of Dh2.3 billion.It said in a statement to the Dubai Financial Market that revenues of Dh7.3bn were down 12 per cent from Dh8.3bn in 2014, and its full year results compared with a profit of Dh215 million\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":34242,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-listed-construction-firm-arabtec-reports-narrowing-q3-net-loss\/","url_meta":{"origin":13094,"position":3},"title":"Dubai-listed construction firm Arabtec reports narrowing Q3 net loss","date":"November 14, 2016","format":false,"excerpt":"\r Dubai construction firm Arabtec Holding reported a narrower third-quarter net loss today as it cut costs and increased revenue.The company made a loss of Dh225.5 million attributable to the owners of the parent in the three months to September 30, compared with a Dh944.8m loss in the same period\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":47203,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-holding-to-seek-approval-for-annual-general-meeting-over-rights-issue\/","url_meta":{"origin":13094,"position":4},"title":"Arabtec Holding to seek approval for annual general meeting over rights issue","date":"March 8, 2017","format":false,"excerpt":"\r Arabtec Holding's board will meet on Sunday to discuss when it will next update shareholders on its turnaround programme, including a Dh1.5 billion rights issue to wipe out accumulated losses, the Dubai-listed contractor said yesterday. This will be its third board meeting of the year. The company is proposing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41558,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-shares-to-be-suspended-from-trading-on-dfm-ahead-of-q4-results-announcement\/","url_meta":{"origin":13094,"position":5},"title":"Arabtec shares to be suspended from trading on DFM ahead of Q4 results announcement","date":"January 23, 2017","format":false,"excerpt":"\r Shares in Arabtec Holding will be suspended from 11.30am pending the release of its fourth quarter earnings statement. A notice from the Dubai Financial Market this morning stated that \"as its Board of Directors meeting is being held today\", the construction firm's shares will not trade until results are\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/13094"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=13094"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/13094\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=13094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=13094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=13094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}