Abu Dhabi: Arabtec, the Dubai-based construction company, reported on Sunday Dh46.4 million in net loss for the first quarter of 2016, marking an improvement from the Dh140.5 million in losses recorded in the same quarter in 2015.
Revenues also recorded an improvement, rising to Dh1.9 billion in Q1 2016 - up from Dh1.79 billion in the same three months in 2015.
Meanwhile, the company's costs, which have been soaring in the past, recorded a marginal drop to Dh1.89 billion in the quarter, which is lower than the Dh1.9 billion in Q1 2015.
Arabtec's share prices were lower at noon on the Dubai Financial Market, reaching Dh1.5 (a 1.32 per cent decline). with the company being the market's most traded stock in terms of value.
The company had been recording losses over the past year as profit margins declined and costs went up. However, last month, Arabtec's chairman said he expected the company to break even this year and return to profit in 2017.
