Dubai – Mubasher: The net losses of Al Ramz Corporation Investment and Development surged by 450.5% year-on-year (YoY) to AED 68.548 million during the first quarter (Q1) of 2020 from AED 12.45 million in the same period of 2019.
The company's net finance income reached AED 7.86 million in the first three months of 2020, down AED 7.57 million in the year-ago period.
The unrealised investment losses amounted to AED 73.1 million, driven by the impact of the coronavirus (COVID-19) pandemic on financial markets.
The basic and diluted losses per share settled at AED 0.125 in Q1-20, versus AED 0.023 in the same quarter of 2019.
The company's Managing Director, Mohamed Al Mortada Al Dandashi, said: "Against this backdrop, we promptly instituted measures to enhance our financial resilience and business continuity. Measures were taken to reduce balance sheet leverage, improve liquidity, and introduce cost containment restraints to enhance financial resilience."
