Dubai-listed contractor Arabtec Holding has reported further losses in the second quarter of 2016, according to a statement posted on the Dubai Financial Market (DFM).

Arabtec made a net loss attributable to equity holders of AED186.4m ($50.8m) in the three months to 30 June, it was revealed in the statement.

This compares with a loss of AED718.4m in the same period last year. The firm’s quarterly revenue sat at AED2.16bn, compared with AED1.8bn a year earlier.

Like many regional contractors, Arabtec has struggled with the slowdown in regional economies as Gulf governments slash spending and cap infrastructure products on the back of lower oil prices.

In July this year, Arabtec announced it will receive a $108.9m debt facility to help support it during challenging conditions in the regional construction market.

The facility was provided by Abu Dhabi’s Aabar Investments, which owns 36 per cent of Arabtec.

At the time, the company statement added that the additional funding will be used for delivering ongoing and newly awarded projects.

In June, Arabtec also said it plans to use AED1bn of its statutory reserves to write off part of its accumulated losses, in line with the company’s restructuring process.

Arabtec has hired US restructuring advisory firm AlixPartners to help it strengthen its capital structure and reform its business. The work of advisers in drawing up a restructuring plan is “going very well and should be completed very soon”, said Mohamed al-Mehairi the firm’s vice-chairman.