Majid Al Futtaim posts loss in first half

Dubai:  Majid Al Futtaim Holding, the operator of Carrefour stores in the Middle East, reported a first-half loss after a profit a year earlier as it wrote down the value of properties amid falling prices in Dubai.

The loss was Dh164.9 million, compared with a profit of Dh195.9 million a year earlier, the company said in a statement. The property valuation loss was Dh317.1 million, from Dh233.7 million a year earlier.

Majid Al Futtaim Holding raised $1 billion (Dh3.67 billion) from a group of banks in July to refinance debt and to boost liquidity.

Majid Al Futtaim's first-half revenue rose 9.2 per cent to Dh9.36 billion. It also booked an impairment provision of Dh287.2 million in the first half, compared with Dh4.5 million.