Dubai’s Arabtec swings to losses in Q2

17 Aug 2015

(MENAFN) Dubai’s largest listed construction firm Arabtec announced that it had swung to a net loss in the second-quarter period of this year, missing analysts’ estimates as costs soar.

Arabtec made a net loss attributable to equity holders in the parent of USD195.59 million in the three months to June 30, it said in a statement. The builder had also reported losses in the preceding two quarters.

This compares with a profit of USD27.87 million on-year. Two analysts polled by Reuters had forecast Arabtec would make a quarterly net profit of between 88.4 million dirhams and USD24.66 million.

“The Board of Directors has undertaken a careful review of its accounting policies in respect of recognizing revenue, cost and profit and adopted a more conservative approach than that previously used,” Arabtec said.

Accounts & Deposits

Accounts

Al Wajaha

BBK Lite

NRI

Debit Cards

Self-service Banking

Foreign Exchange

HSBC Transition

Download Our App

Credit Cards & Financing

Credit Cards

Financing

Download Our App

Insurance & Investments

Insurance

Investment

Download Our App

Ways to Bank

Branches and Self-Service

Contactless Payments

More Ways to Bank

Sign Language

Download Our App

Help

Help & Support

Fraud and security

Download Our App

Cash Management

Accounts

Cash Management

BBK Business App

Bankey App

Lending

Working Capital Finance

Long Term Finance

BBK Business App

Bankey App

Trade Finance

Trade Finance

BBK Business App

Bankey App

Treasury and Investment

Treasury

BBK Business App

Bankey App

Banking & Institutions

Corporate Banking

International Banking

Enterprise Banking

BBK Business App

Bankey App

Help

Help & Support

Fraud and security

BBK Business App

Bankey App

Advance

Download Our App

Premier

Download Our App

Al Wajaha

Download Our App

Privé

Download Our App

Investor Relations

Who We Are

Media Center

Accounts

Al Wajaha

BBK Lite

NRI

Debit Cards

Self-service Banking

Foreign Exchange

HSBC Transition

Credit Cards

Financing

Insurance

Investment