Arabtec reports net loss of US$ 50.8 mn in Q2

Posted on 15th August 2016

Dubai contractor Arabtec reported a narrower loss in the second quarter on Sunday, its seventh straight quarterly loss.

UAE-arabtec

Arabtec made a net loss attributable to equity holders in the parent of Dh186.4 million ($50.8 million) in the three months to June 30, it said in a statement.

This compares with a loss of Dh718.4 million in the corresponding period of 2015.

EFG Hermes had forecast Arabtec would make a quarterly net loss of Dh83.2 million.

The company has been struggling with a difficult industry environment as Gulf economies slow and governments restrain spending because of low oil prices, hiring AlixPartners to help draw up a plan to revise its business and capital structure, according to Tradearabia news report.

In June, shareholders agreed to use 1 billion dirhams of the company's statutory reserves to wipe out some of its accumulated losses.

The firm's quarterly revenue was 2.16 billion dirhams, versus 1.80 billion dirhams a year earlier.

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