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  • 17-11-19

    Dubai's Arabtec registers USD119m net loss in nine months

    (MENAFN) Dubai's largest listed construction firm, Arabtec Holding, has recorded a third-quarter loss of USD119.1 million owing to the continued decline of the real estate and construction sector.

    The Dubai contractor's net loss for the nine months hit USD103.47 million, mainly because of the weak performance of Arabtec Construction (one of the group"s subsidiaries) and mainly due to delays in handing over legacy projects.

    The company in its filing to the Dubai Financial Market (DFM) said project funding was one of the key challenges for Arabtec during the period, regional geopolitical factors and tight liquidity in the construction sector.

    It stated, on the optimistic side, the Group's other subsidiaries continued to be profitable. The Group"s industrial business, specifically oil and gas, has increased its accumulation, reflecting the strong pipeline of opportunities.

    The company stated in its filing to the Dubai bourse, total revenue for the nine month period declined by 18.5 percent to USD1.57billion, impacted primarily by a decline in construction business revenue of 15.6 percent to USD1.17 billion.

    MENAFN1711201900450000ID1099284349

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