Marka in Dh56m loss as Dubai retailer releases first full set of accounts

Dubai-listed retailer Marka has reported a loss of Dh56.9 million for the period from June 2014 to December 2015.

In its first full set of accounts published on the Dubai Financial Market (DFM) today, Marka, which listed on the DFM in September 2014, reported that company revenues from the period stood at Dh214m.

Marka said that it had made revenues of Dh130.5m from the sale of merchandise and another Dh84.3m from food and beverage sales.

However, the company spent Dh104.8m on selling its goods plus another Dh105m on general and administrative expenses including Dh43m in staff costs, Dh13.5m on acquisition costs and Dh7m on rent.

The loss comes after Marka reported a Dh8.37m first quarter loss, a Dh2.14m loss in the second quarter and a Dh14.7m loss in the third quarter as the company embarked upon a buying spree, snapping up Retailcorp (a unit of Istithmar World), a majority stake in Cheeky Monkeys, a children’s entertainment group, the restaurant chain Reem Al Bawadi, and the sports memorabilia company Icons.

The company has previously stated that it expects to become profitable in 2016 after making an initial loss due to start up costs.

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