Dubai: Dubai Parks and Resorts’ loss in the first six months of this year ending June 30, 2016, expanded to Dh134.6 million, against Dh28.5 million in the same period last year on account of administrative and marketing expenses.

For the second quarter, the company’s loss increased to Dh59.4 million, against Dh15.4 million last year, according to a company statement to the Dubai Financial Market (DFM) on Thursday.

Dubai Parks and Resorts’ general and administrative expenses reached Dh89.2 million in the first half, up compared to Dh40.5 million recorded during the same time last year, and marketing and selling expenses amounted to Dh21.7 million, an increase from last year’s Dh6.9 million.

The Dh10.5 billion Dubai Parks and Resorts is scheduled to open on October 31 this year, the company said in a separate statement on Thursday. It will comprise of three theme parks — Bollywood Parks Dubai, Motiongate Dubai, and Legoland Dubai, plus Legoland Water Park, located in Jebel Ali. As at June, 93 per cent of overall infrastructure construction was completed, the company stated.

Its proceeds from additional shares issued and bank facilities reached Dh1.6 billion and Dh1.2 billion respectively in the first six months of this year. Dubai Parks and Resorts’ total assets stood at Dh11.6 billion as at June 30 2016, primarily comprising Dh7.2 billion in property, equipment and investment properties, stated Raed Kajoor Al Nuaimi, chief executive of Dubai Parks and Resorts.

“Projected revenue for 2017, the first full year of operations, is Dh2.4 billion. For the first two operational months of 2016, projected revenue is Dh297 million generated from 0.9 million visits to our destination,” he said in the statement.

Six Flags Dubai

Dubai Parks and Resorts has also broken ground on its fourth theme park, Six Flags, last month and expects it to be complete by late 2019. Six Flags will include 27 rides and attractions.

“One of the biggest achievements for the business during the period was the successful financing of the second phase of Dubai Parks and Resorts, Six Flags Dubai. This is a crucial part of the Dubai Parks and Resorts experience as it broadens our offer… the total funds required primarily to finance the project was Dh2.67 billion. We raised an initial Dh993 million through a syndicated debt facility which was agreed in April 2016 and provided over a third of the project’s financing. We then launched an Dh1.68 billion Rights Issue to complete the financing of Six Flags Dubai,” Al Nuaimi said.

The company’s shares closed unchanged at Dh1.74 on the DFM on Thursday. It was the most actively traded stock after Emaar Properties.