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.

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