Abu Dhabi: Arabtec Holding, the Dubai-listed construction company, reported on Monday Dh225.5 million in losses for the third quarter of 2016 as the company managed to narrow its losses from the Dh944.8 million in losses in the same period last year.
Losses attributable to owners in the first nine months of 2016 also dropped to Dh458 million from Dh1.94 billion in the same nine months last year.
Meanwhile, Arabtec’s revenues jumped to reach Dh2 billion in the third quarter of the year, marking a 25 per cent year-on-year rise. Revenues for the first nine months were up 17 per cent to reach Dh6 billion.
In a statement posted to the Dubai Financial Market, Arabtec attributed the increase in revenues to new project awards in the fourth quarter of 2015 and the first half of 2016.
It also said it continued to implement cost-cutting measures to ensure better efficiency amid challenging market conditions.
“The group’s strong backlog and new wins in 2016 will support the group in building a strong platform for growth and maintaining its market-leading position despite the economic slowdown and reduced government spending in the GCC and the region,” the statement said.
