Bildco incurs accumulated losses

Representing 80.7% of the capital

  
Traders react during the opening of the Dubai stock market June 26, 2016. Image used for illustrative purpose.

Traders react during the opening of the Dubai stock market June 26, 2016. Image used for illustrative purpose.

REUTERS/Ahmed Jadallah
Abu Dhabi – Mubasher: Abu Dhabi National Company for Building Materials (Bildco) has logged accumulated losses of AED 242.23 million as of 31 December 2020, representing 80.7% of the capital.

The accumulated losses are mainly driven by the slowdown in the construction and real estate sectors, the decline in demand for building materials, and the coronavirus (COVID-19) economic repercussions, according to a bourse filing on Thursday.

To address these losses, the company has taken several measures, including amortization of these losses along with the capital and reducing the production costs.

Source: Mubasher

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