(MENAFN) Dubai contractor Arabtec viewed fourth-quarter net loss due to difficult market conditions, and it faced widening losses in the previous four quarters attributed to increased costs.
Furthermore, the firm made a net loss of USD 98.02mn in the three months to Dec. 31, compared with a loss of USD 25.69mn in the corresponding period of 2014.
The Co. has experienced major upheavals through the past two years, while a much-touted USD 35.8bn project to construct one million homes in Egypt failed to confirm.
Additionally, the firm net loss was USD 0.62bn, compared with a 2014 income of USD 58.51mn, which was a consequence of the continuing tough environment.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.