Arabtec Holding (Dubai-listed Construction Company) announced on Monday that their loss for the third quarter of the year is Dh225.5 million. This loss was managed by to be narrowed as compared to last year’s (which was about Dh1.94 billion in the same time period).
Losses attributable to owners in the first nine months of 2016 also dropped to Dh458 million. This drop was compared to that of last year in the same time period (Dh1.94 billion).
The losses (although lower on a year-on-year basis) are way below market expectations, with the Bloomberg consensus at Dh78 million for third-quarter losses.
Meanwhile, there has been an increment Arabtec’s revenues of Dh2 billion (third quarter of the year). This marks a 25% year-on-year rise. Revenues also is on the rise (17%).
A statement was posted to the Dubai Financial Market. The statement showed that Arabtec credited an increment in revenues to new projects awards by the ending of 2015 as well as the first half of 2016. It also showed a continuous implementation on cost-cutting measures which is geared towards efficiency among challenging market conditions.
“The group’s strong backlog and new wins in 2016 will support the group in building a strong platform for growth and maintaining its market-leading position despite the economic slowdown and reduced government spending in the GCC and the region” The statement.