Arabtec records losses for fourth quarter in a row
- Arabtec revenues decline 24 per cent
- Net losses reach $168m as turbulence continues
The UAEs Arabtec Holding has recorded a revenue contraction of 24 per cent in the third quarter this year compared with the same period in 2014, according to a statement released on the Dubai Financial Market (DFM).
Revenue: The Dubai-listed construction firm, which has experienced major restructuring and management challenges over the past 18 months, said its revenues in the third quarter of this year sat at AED1.6bn ($435m) compared with AED2.1bn in 2014.
Arabtec also recorded net losses of AED617m from continuing operations, compared with a gross profit of AED269m in the third quarter of 2014.
The statement also cited that they have adopted a more conservative approach in terms of recognising revenues, costs and profit, and that the benefits of its restructuring programme will further reduce the groups cost base in 2016.
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