Abu Dhabi: Arabtec, the Dubai-based real estate developer, reported on Wednesday Dh1.02 billion in net losses for the third quarter of this year, marking a significant drop from the Dh90 million net profits recorded at the same time last year.

The latest results bring the company's losses in the first nine months of the year to Dh2.3 billion, down from the Dh355 million in net profits recorded in the same period last year.

 The company's revenues from continuing operations fell to Dh1.6 billion in the third quarter of this year, marking a significant drop from the Dh2.1 billion recorded in Q3 2014. This brings Arabtec's revenues in the first nine months of 2015 to Dh5.2 billion, down from the Dh5.8 billion recorded in the same period last year.

As of 10.50am Wednesday, the company's share prices dropped 7.25 per cent on the Dubai Financial Market, with the company's shares accounting for the majority of the selling activity. Share prices reached Dh1.28 only less than hour after trading began.