Dubai: Retailer Marka reported a Dh18.1 million loss in the first three months of 2016, according to a statement on the Dubai Financial Market on Thursday.
The company’s net operating loss for the first quarter touched Dh4,979. Revenue for the same period was Dh75.7 million.
“Despite the challenging economy as a backdrop to its operations, Marka continues to make progress on its business plan to build a portfolio of exciting and profitable hospitality and fashion/beauty brands,” Khalid Al Mheiri, vice-chairman and managing director of Marka, said in the statement. He added that he expects “improved results for the remainder of 2016”.
Marka plans to open a number of stores in the region this year, including four Reem Al Bawadi restaurants, three Cheeky Monkeys Playland and Sweet Surprises outlets, and a Modell’s Outlet in Al Ain, as well as Morelli’s Gelato ice cream, City Chic, Weill and dinh van outlets in Qatar.
In the first quarter of this year, Marka had opened a Reem Al Bawadi restaurant and a Cheeky Monkeys Playland and Sweet Surprises outlet in Ras Al Khaimah, a Nike store in Al Ain, and dinh van, Carven and Essential stores in Dubai’s City Walk, among others.
Marka currently operates 50 outlets and plans to double that in the next two years.
The company’s shares closed at Dh1.25, down 0.03 per cent on DFM on Thursday.
