UAE: Arabtec's H1 loss narrows down to $62m
Arabtec has been struggling with a difficult industry environment as Gulf economies slow and governments restrain spending because of low oil prices
Dubai-based contractor Arabtec reported much lesser loss in the first six months of 2016, compared to the previous quarters of last year.
The contractor made a loss of $62.4m (AED229m) in the first half of the year, it said in a statement to Dubai Financial Market (DFM).
This was being compared to a net loss of $353m (AED1.3bn) made in the first half of 2015.
On a quarterly basis, Arabtec recorded a net loss of $53m (AED195m) in Q2 2016, as compared to $271m (AED997m) in the same period in 2015.
Total assets are valued at $3.5bn (AED13bn) ending 30 June, 2016.
In July 2016, Aabar Investments, a major shareholder in Arabtec Holding, had agreed a $108.9m debt facility to help the contractor weather challenging conditions in the regional construction market.
The money will provide the contractor with additional funding to use towards delivering ongoing and newly awarded projects in a ‘timely manner’, Saeed Mohamed al-Mehairbi, acting chief executive of Arabtec Holding, had said in a statement.
Aabar Investments is Abu Dhabi’s state fund and it owns 36% of the contractor.