Dubai-based construction firm Arabtec Holding PJSC reported net losses attributable to its parent at AED 225 mn for the third quarter of 2016, marking a 76% decrease in losses compared to the same period last year, according to a bourse statement.
It is Arabtec’s eighth straight quarterly loss, but the company shows signs of recovery with an increase in revenues of 24.8% compared to the third quarter of 2015, up to AED 2 bn. The company attributed the gains to new project awards in the fourth quarter of 2015 and in the first half of 2016.
Arabtec also recorded less losses from its discontinued operations in crisis-struck Saudi Arabia, with losses of AED 17 mn.
The firm said it would continue “to implement [its] cost reduction and transformation programme,“ aiming to achieve growth and maintain its market position despite the difficult economic circumstances and reduced government spending in the GCC.