Dubai – Mubasher: Arabtec Holding on Sunday reported a sharp drop in its net losses by 83.4% to AED 46.4 million ($12.63 million) in the first quarter of 2016, down from AED 279.82 million ($76.18 million) in the same period last year.
The Dubai builder ascribed the reduction of its losses to higher revenues, which were up 8.4% to AED 1.94 billion in Q1-16 from AED 1.79 billion, according to a filing to the Dubai Financial Market (DFM).
Arabtec incurred AED 2.78 billion losses in 2015 against a profit of AED 241.58 million in 2014.
The company’s stock ended Thursday at a decline of 1.3% to AED 1.52, after 65.6 million shares were traded at a turnover of AED 108 million.
