Arabtec shares down 4.6% after Q1 loss
Dubai-listed builder made a net loss of $12.6 million in the first three months of the year
Shares in Arabtec today fell by 4.61% after the Dubai-listed contractor reported a $12.63 million loss in the first quarter of 2016, despite higher revenues.
The stock was the most actively traded on the Dubai Financial Market on Sunday, with its value declining to AED1.45 after Arabtec reported its sixth straight quarterly loss.
It made a net loss attributable to equity holders in the parent of AED46.39 million ($12.63 million) in the first quarter, lower than the AED279.8 million loss during the same period last year.
Arabtec’s quarterly revenue was AED1.94 billion, compared with AED 1.79 billion a year earlier.
The company has undergone two years of upheaval, management changes and restructuring. It posted a $626m loss in 2015, and is pursuing a long-running restructuring and cost-reduction programme.
