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FINANCIAL NEWS
Dubai’s Marka logs net loss of USD58.24m in Q2
06 Aug 2015
(MENAFN) The Dubai-listed retailer Marka posted a net loss of USD58.24 million for the second quarter of 2015 from USD2.27 million during the first quarter, it said in a statement.
Marka completed two acquisitions last April, including Retailcorp, a subsidiary of Istithmar World, for USD59.87 million, and a 60 percent stake in Cheeky Monkeys Playland & Sweet Surprises for USD8.16 million.
The company also bought restaurant chain Reem Al Bawadi for USD85.73 million and acquired a 65 percent stake in the UK-based online retailer Icons Shop for USD4.16 million.
“It is significant for Marka that due to the phased consolidation of our 2015 acquisitions during the second quarter of this year we were able to recognize partial revenue,” Vice-Chairman said.
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