Arabtec shares plummet in Dubai after surprise $76m loss
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Shares in the Dubai-listed builder fell by 3.53% on Wednesday after posting loss in the first quarter
PHOTO: Arabtec, which helped build the Burj Khalifa, the world’s tallest building, said direct costs rose 28% during the first quarter. Credit: Archive image
Arabtec shares fell by 3.53% on Wednesday after the Dubai Financial Market-listed company reported a $76 million loss.
Shares in the UAE builder closed at Dh2.46 following news of the surprise loss in the first quarter.
Arabtec, which helped build the Burj Khalifa, the world’s tallest building, said direct costs rose 28% during the period.
The quarterly loss is the second consecutive loss Arabtec has posted.
