(MENAFN- Gulf Times) Arabtec Holding Co has posted a third consecutive loss as costs rose amid a restructuring programme and project reviews.
The UAE's biggest publicly-traded construction company reported a second-quarter loss of 718.4mn dirhams ($196mn), it said in a statement to the Dubai stock market. The company made a profit of 102.4mn dirhams a year earlier. Costs rose 31% to 2.2bn dirhams from a year earlier, while revenue fell 8.2% to 1.8bn dirhams.
The construction company, which helped build the Burj Khalifa, the world's tallest tower, was at the heart of a sell-off last year after chief executive officer Hasan Ismaik resigned and a number of top managers were dismissed. Three top executives also left last month amid a plan to cut costs.
Arabtec is seeking to increase efficiency and is taking action to improve poorly performing projects after reviewing all its contracts, it said. The company has a backlog of 20.2bn dirhams, it said.
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