The UAE’s 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 group’s cost base in 2016”.