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FINANCIAL NEWS
Arabtec- Dubai firm faces Q4 net loss
21 Feb 2016
(MENAFN) Dubai contractor Arabtec viewed fourth-quarter net loss due to difficult market conditions, and it faced widening losses in the previous four quarters attributed to increased costs.
Furthermore, the firm made a net loss of USD 98.02mn in the three months to Dec. 31, compared with a loss of USD 25.69mn in the corresponding period of 2014.
The Co. has experienced major upheavals through the past two years, while a much-touted USD 35.8bn project to construct one million homes in Egypt failed to confirm.
Additionally, the firm net loss was USD 0.62bn, compared with a 2014 income of USD 58.51mn, which was a consequence of the continuing tough environment.
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