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DUBAI, Aug 14 (Reuters) - Dubai contractor Arabtec
ARTC.DU
reported a narrower loss in the second quarter on Sunday, its seventh straight quarterly loss.
Arabtec made a net loss attributable to equity holders in the parent of 186.4 million dirham ($50.8 million) in the three months to June 30, it said in a statement.
This compares with a loss of 718.4 million dirhams in the corresponding period of 2015.
EFG Hermes had forecast Arabtec would make a quarterly net loss of 83.2 million dirhams.
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The company has been struggling with a difficult industry environment as Gulf economies slow and governments restrain spending because of low oil prices, hiring AlixPartners to help draw up a plan to revise its business and capital structure.
In June, shareholders agreed to use 1 billion dirhams of the company's statutory reserves to wipe out some of its accumulated losses.
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The firm's quarterly revenue was 2.16 billion dirhams, versus 1.80 billion dirhams a year earlier.
($1 = 3.6729 UAE dirham)
(Reporting By Tom Arnold; editing by Sami Aboudi) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
Arabtec made a net loss attributable to equity holders in the parent of 186.4 million dirham ($50.8 million) in the three months to June 30, it said in a statement.
This compares with a loss of 718.4 million dirhams in the corresponding period of 2015.
EFG Hermes had forecast Arabtec would make a quarterly net loss of 83.2 million dirhams.
The company has been struggling with a difficult industry environment as Gulf economies slow and governments restrain spending because of low oil prices, hiring AlixPartners to help draw up a plan to revise its business and capital structure.
In June, shareholders agreed to use 1 billion dirhams of the company's statutory reserves to wipe out some of its accumulated losses.
The firm's quarterly revenue was 2.16 billion dirhams, versus 1.80 billion dirhams a year earlier.
($1 = 3.6729 UAE dirham)
(Reporting By Tom Arnold; editing by Sami Aboudi) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
