Dubai’s Arabtec Q2 reports seventh straight quarterly loss

Dubai contractor Arabtec reported a narrower loss in the second quarter on Sunday, its seventh straight quarterly loss.

Arabtec made a net loss attributable to equity holders in the parent of Dhs186.4m ($50.8m) in the three months to June 30, it said in a statement.

This compares with a loss of Dhs718.4m in the corresponding period of 2015.

EFG Hermes had forecast Arabtec would make a quarterly net loss of Dhs83.2m.

The company has been struggling with a difficult industry environment as Gulf economies slow and governments restrain spending because of low oil prices, hiring AlixPartners to help draw up a plan to revise its business and capital structure.

In June, shareholders agreed to use Dhs1bn of the company’s statutory reserves to wipe out some of its accumulated losses.

The firm’s quarterly revenue was Dhs2.16bn, versus Dhs1.8bn a year earlier.