Dubai’s Arabtec swings to loss in FY15

21/02/2016 Argaam

Arabtec Holding, a Dubai-based construction firm, swung to a net loss of AED 2.3 billion for fiscal year 2015, against a net profit of AED 215 million the previous year, the company said in a statement on Dubai Financial Market.

 

The drop in earnings was attributed to the “continuing difficult environment that the regional construction market is facing” and a number of under-performing projects.

 

The total revenue for the year dropped 12 percent to AED 7.3 billion, compared to 2014.

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