Marka updates figures to reflect steeper loss

Dubai: Marka, the Dubai-listed retail operator, said on Monday it recorded Dh242.7 million in losses for 2017, updating the figure from the Dh218.4 in losses the company had reported earlier for the year.

The company’s full financial statement for 2017, released on Monday, also shows revenue at Dh99.6 million for 2017, compared to the Dh94.4 million Marka announced in mid-February in its preliminary results statement.

The figures for 2017, both the preliminary ones and the audited numbers, mark a plunge from the Dh149 million in losses recorded in 2016, as revenues also fell compared to the Dh146.5 million seen in 2016.

In a release on Monday, the retailer said the results reflect “a challenging regional operating environment in which the company has been functioning.”

“I’m confident that with 2017 behind us, and a clear focus on meeting the changing demands of our customers, the company is in a very strong position to develop value for its shareholders,” said Khalid Jasem Bin Kalban, chairman of Marka.

He added that Marka has made progress in its restructuring programme, and has focused on exiting unprofitable businesses and building a more effective operational structure.

Bin Kalban did not elaborate on why losses for the year were steeper or provide a financial outlook.