Arabtec reports wider loss in Q4

Arabtec reports wider loss in Q4
Published: 13 February 2017 - 5 a.m.
By: Reuters

Dubai contractor Arabtec reported a wider loss in the fourth quarter on Monday.

Arabtec made a net loss of 2.95 billion dirhams ($803.38 million) in the three months to Dec. 31, Reuters calculated based on financial statements in lieu of a quarterly breakdown.

This compares with a net loss of 360 million dirhams in the corresponding period of 2015, according to Reuters' calculations.

The builder reported a net loss attributable to the shareholders of the parent of 3.41 billion dirhams for the year 2016, compared with a loss of 2.35 billion the year earlier.

The company also said its board approved a proposed capital restructuring plan and a 1.5 billion dirhams rights issue, which would require investor consent at the next general meeting of the shareholders.


Click here to add your comment

Please add your comment below
Name
Country
Email
Your email address will not be published
Captcha