{"id":22849,"date":"2016-08-14T17:43:44","date_gmt":"2016-08-14T10:43:44","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=22849"},"modified":"2016-08-14T16:17:43","modified_gmt":"2016-08-14T09:17:43","slug":"arabtec-still-in-the-red-but-losses-reduced-by-74-per-cent","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-still-in-the-red-but-losses-reduced-by-74-per-cent\/","title":{"rendered":"Arabtec still in the red but losses reduced by 74 per cent"},"content":{"rendered":"


\nThe Dubai contractor Arabtec posted its seventh successive quarterly loss for the three months to June 30, although an increase in revenue has meant the scale of its losses narrowed.The company posted a net loss attributable to its parent company of Dh186.4 million \u2014 a 74 per cent reduction on the Dh718.4m lost in the same period last year. Revenue for the period increased by 20 per cent year-on-year to Dh2.16 billion (Q2 2015: Dh1.8bn).Losses for the first six months of 2016 stood at Dh232.8m \u2014 77 per cent lower than the Dh998.2m lost in the same period a year ago. Revenue for the first half increased by 14 per cent to almost Dh4.1bn.The company is now owed more than Dh1bn from trade creditors \u2014 up from Dh895m at the start of the year.During the period, the company gained permission from its shareholders to use Dh1bn of its statutory reserves to wipe out accumulated losses, which had stood at over Dh2.2bn at the start of the year, but has now reduced to Dh1.46bn. Last month, it was also offered a Dh400m debt facility from its biggest shareholder – Abu Dhabi-based Aabar Investments.Notes to the accounts show that losses at Arabtec Saudi Arabia \u2014 the joint venture with Saudi Binladin Group and Mawrid Holdings \u2014 significantly reduced. The business declared a loss of Dh22.4m for the three months to June 30 \u2014 a 94 per cent reduction on the Dh352.6m it lost in the same period last year. Arabtec’s board decided to exit the venture in December 2014 and placed its stake up for sale, but since then the climate in the Kingdom’s construction sector has worsened and Saudi Binladin Group has faced significant financial pressure \u2014 laying off about 70,000 of its 200,000 workers.Speaking to The National last week, Arabtec Construction’s chief executive, Raja Hani Ghanma, admitted that the division has had trouble making payments to some of its staff.He said that it was “trying to wind down or find some sort of solution” with its partners in Arabtec Saudi Arabia, whose net assets are currently valued at Dh297m.Despite this, he said Saudi Arabia remained an important market for the company.”We are focusing primarily on Arabtec Construction in Saudi Arabia, which is basically 100 per cent owned entity by Arabtec Construction UAE,” he said.mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Arabtec still in the red but losses reduced by 74 per cent<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Dubai contractor Arabtec posted its seventh successive quarterly loss for the three months to...<\/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-22849","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\/p75ss1-5Wx","jetpack-related-posts":[{"id":53712,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-arabtec-reports-first-profit-since-2014-after-restructuring\/","url_meta":{"origin":22849,"position":0},"title":"Dubai's Arabtec reports first profit since 2014 after restructuring","date":"May 4, 2017","format":false,"excerpt":"\r Arabtec posted its first quarterly since 2014 as the contractor's new management press ahead with a high stakes turnaround plan.The Burj Khalifa builder said net profit for the first three months of 2017 stood at Dh18 million - the company's first quarterly profit since the third quarter of 2014.\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":22849,"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":53760,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtecs-wait-for-quarterly-profit-ends\/","url_meta":{"origin":22849,"position":2},"title":"Arabtec's wait for quarterly profit ends","date":"May 4, 2017","format":false,"excerpt":"\r Arabtec on Thursday posted its first quarterly profit in two-and-a-half years as the contractor's new management presses ahead with a high-stakes turnaround plan.The Burj Khalifa builder said net profit for the first three months of 2017 stood at Dh18 million - its first quarterly profit since the third quarter\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13094,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-losses-continue-but-dubai-contractors-financial-performance-improving\/","url_meta":{"origin":22849,"position":3},"title":"Arabtec losses continue, but Dubai contractor's financial performance improving","date":"May 15, 2016","format":false,"excerpt":"\r Contractor 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\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":22849,"position":4},"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":17940,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/market-analysis-gulf-contractors-feel-the-squeeze\/","url_meta":{"origin":22849,"position":5},"title":"Market analysis: Gulf contractors feel the squeeze","date":"June 28, 2016","format":false,"excerpt":"\r The region's listed contractors are expected to post another poor quarter of results as companies have to contend with a lack of new project awards, declining revenue and shrinking margins.An analysts' note from EFG Hermes says that company disclosures on contract wins show a 75 per cent year-on-year decline\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\/22849"}],"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=22849"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/22849\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=22849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=22849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=22849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}