Dubai contractor Arabtec announces loss of Dh2.3 billion for 2015

The Dubai contractor Arabtec has this morning announced a full-year loss of Dh2.3 billion.

It said in a statement to the Dubai Financial Market that revenues of Dh7.3bn were down 12 per cent from Dh8.3bn in 2014, and its full year results compared with a profit of Dh215 million in the previous 12 months.

The company’s loss per share was Dh0.51, compared with earnings per share of Dh0.05 in 2014, it said.

“The reduction in revenue and resulting net loss for the 2015 fiscal year was primarily a consequence of the continuing difficult environment that the regional construction market is facing and the challenging economic backdrop, the company’s more balanced approach to revenue, cost and profit recognition, in addition to a number of poorly performing projects,” the Arabtec statement said.

Arabtec shares opened up nearly 2 per cent on the DFM.

More to follow.

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