DUBAI: Dubai-listed Arabtec Holding swung to a 774.5 million dirham ($210.9 million) net loss in 2019 from a profit of 256.3 million dirham in 2018, the construction company reported on Sunday.
Click Here: France Rugby Shop###
Arabtec, which was involved in the construction of the Louvre Abu Dhabi, posted its first annual loss since 2016, according to Refinitiv data.
###
The company blamed the loss on its core construction business, citing a slowing real estate sector where there have been limited new projects launched.
###
Dubai has faced a slowing real estate market for most of the previous decade, with the exception of a brief pick up more than six years ago.
###
Development of some non-real estate projects across the United Arab Emirates have also slowed or been halted.
###
Arabtec also cited low liquidity in the real estate sector, settlement and recoverability claims and estimated losses from an investment in an associate company for the loss.
###
It did not name the associate company.
###
Other business units, including industrial and engineering, remained profitable, it said.
###
Revenue fell 21% to 7.78 billion dirhams and Group Chief Financial Officer Adel al-Wahedi resigned, it said in bourse statements.
###
The company also said it’s closely working with “key lenders” to align its debt with its business needs and is cutting costs by reducing its workforce.
###
Discussions and due diligence of a potential merger with Trojan, announced in September, continue to take place, it said.
###