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FINANCIAL NEWS
Dubai Parks and Resorts logs USD7.8m loss in Q2
12 Aug 2015
(MENAFN) Dubai Parks and Resorts registered a loss of USD7.8 million within the April-June period of this year, but loss was in line with expectations as the firms sees first revenues by 2016-end as resorts become open for business.
Reports show manufacturing is moving as planned with infrastructure being 57 percent complete at the end of second quarter compared to 43 percent in first quarter period. By that, first phase of transporting 9,500 trees has been initiated.
The firm signed two partnerships in the second quarter; first was with Picsolve International, which will be responsible of incorporating a state of the art photography integrations, and the second deal with Dnata.
“Our second quarter financial results are in line with our plans. Our total assets stood at USD1.9 billion as at the end of second quarter. The cumulative project expenditure amounted to USD1.03 billion,” the company stated.
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