Project delays were to blame for Arabtec's second-quarter loss, the Dubai builder's chief financial officer said on Tuesday, predicting the company would bounce back soon as contracts in Saudi Arabia and Abu Dhabi hit the bottom line.
Arabtec, Dubai's largest listed contractor, made a second-quarter loss of 11.6 million dirhams ($3.16 million), its first quarterly loss since the emirate's property collapse and debt crisis in 2009.
"The reason (for the loss was) the delay in major projects starting," Ziad Makhzoumi, chief financial officer told reporters on the sidelines of a conference in Dubai.
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