World Economy

Dubai Firm Incurs Huge Loss

Dubai Firm Incurs Huge LossDubai Firm Incurs Huge Loss

Dubai contractor Arabtec reported a widening fourth-quarter net loss on Sunday that it blamed on tough market conditions, Arabian Business reported. The firm had also reported widening losses in the preceding four quarters that it attributed to increased costs. Arabtec made a net loss of 360 million dirhams ($98.02 million) in the three months to Dec. 31, Reuters calculated based on Arabtec’s full-year earnings statement. This compares with a loss of 94.4 million dirhams in the corresponding period of 2014. Arabtec’s 2015 net loss was 2.3 billion dirhams ($626m), which compares with a 2014 profit of 215 million dirhams ($59m).