{"id":53704,"date":"2017-05-04T16:36:48","date_gmt":"2017-05-04T09:36:48","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=53704"},"modified":"2017-05-04T14:43:39","modified_gmt":"2017-05-04T07:43:39","slug":"dubais-arabtec-reports-first-profit-in-three-years-after-restructuring","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-arabtec-reports-first-profit-in-three-years-after-restructuring\/","title":{"rendered":"Dubai's Arabtec reports first profit in three years after restructuring"},"content":{"rendered":"


\nArabtec Holding on Thursday reported a tiny first quarter profit, its first since 2014, thanks to new projects and cost savings.Arabtec has struggled for more than two years in a depressed market for infrastructure projects in the Arabian Gulf, its problems exacerbated by internal strife among shareholders and several senior management changes.Arabtec made a net profit attributable to shareholders of Dh18 million in the three months ending March 31, compared to a loss of Dh46.4m in the prior-year period, a bourse statement said.
\nThe profit came on higher revenues of Dh2.17 billion in the quarter versus Dh1.96bn a year ago. Cost savings included a restructuring and cutting jobs.”While this is another step towards the turnaround of the group, there is still a lot more work to be done,” Arabtec’s chief executive Hamish Tyrwhitt said in the statement.”The recapitalisation programme is laying the foundation to allow the group to build on our three-stage plan.”
\nLast month Arabtec got approval from shareholders for a Dh1.5bn rights issue. Shareholders also approved plans to use existing capital to wipe out accumulated losses.Arabtec shares were up 1.2 per cent at Dh0.83 this morning.* Reuters
\n
\nSource : thenational.ae
\nRead more…Dubai’s Arabtec reports first profit in three years after restructuring<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Arabtec Holding on Thursday reported a tiny first quarter profit, its first since 2014, thanks...<\/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-53704","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-dYc","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":53704,"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":51827,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-updates-its-plan-to-recovery\/","url_meta":{"origin":53704,"position":1},"title":"Arabtec updates its plan to recovery","date":"April 14, 2017","format":false,"excerpt":"\r Arabtec on Thursday published an update to its three-step recapitalisation plan that it hopes shareholders will pass as part of a latest round of fund raising aimed at wiping out accumulated losses.In a note to the Dubai Financial Market (DFM), Arabtec reiterated that its total liabilities currently exceed the\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":53704,"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":52231,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-rights-issue-gets-green-light-after-stormy-general-meeting\/","url_meta":{"origin":53704,"position":3},"title":"Arabtec rights issue gets green light after stormy general meeting","date":"April 18, 2017","format":false,"excerpt":"\r The chief executive of Arabtec Holding put in a robust defence of the construction company's decision to embark on a recapitalisation when quizzed by shareholders at a stormy annual general meeting on Tuesday, where a Dh1.5 billion rights issue aimed at boosting its balance sheet was approved.Hamish Tyrwhitt also\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":87995,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-holding-reports-highest-quarter-profit-in-four-years\/","url_meta":{"origin":53704,"position":4},"title":"Arabtec Holding reports highest quarter profit in four years","date":"May 10, 2018","format":false,"excerpt":"\r Arabtec Holding has current backlog of $4.4bn, with a further $4.3bn worth of tenders submitted for projects in the UAE\r \r Source : arabianbusiness.com\r Read more...Arabtec Holding reports highest quarter profit in four years","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":50666,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-shareholders-restructuring-vote-scheduled\/","url_meta":{"origin":53704,"position":5},"title":"Arabtec shareholders' restructuring vote scheduled","date":"April 2, 2017","format":false,"excerpt":"\r Shareholders in Arabtec are due to vote on its proposed capital restructuring at its annual general meeting, which is scheduled to be held on Tuesday, 18 April.The company has proposed a restructuring that will see it raise Dh1.5 million through the issue of 1.5 million new shares, initially taking\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\/53704"}],"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=53704"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/53704\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=53704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=53704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=53704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}