Dubai-based developer Arabtec has reported heavy losses during the third quarter of this year. It attribute the gains decline to a number of challenging projects undertaken by the company.
The company’s net loss reached 944.7 million dirhams during three months until the end of September, compared to a profit of 68.7 million dirhams during the same period of last year.
Arabtec revenues dipped also by 24 per cent and reached 1.6 billion dirhams. Arabtec recorded a net loss during the last 9 months of 1.94 billlion dirhams compared with a profit of 309 million during the same period of last year.
The company issued a statement accompanied by its results saying that the board is aware of the challenges in the regional construction market these days that could persist until the end of 2015 and stay to 2016.
Commenting on the company’s statement, Sanyalak Manibandhu, research manager at NBAD, said that Arabtec’s statement didn’t contain any new information arguing that the company is adapting a process of identifying the problems and recognizing losses.