(MENAFN) Dubai's largest listed construction firm Arabtec announced that it had swung to a net loss in the second-quarter period of this year, missing analysts' estimates as costs soar.
Arabtec made a net loss attributable to equity holders in the parent of USD195.59 million in the three months to June 30, it said in a statement. The builder had also reported losses in the preceding two quarters.
This compares with a profit of USD27.87 million on-year. Two analysts polled by Reuters had forecast Arabtec would make a quarterly net profit of between 88.4 million dirhams and USD24.66 million.
"The Board of Directors has undertaken a careful review of its accounting policies in respect of recognizing revenue, cost and profit and adopted a more conservative approach than that previously used," Arabtec said.
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