Dubai builder Arabtec posts major cash deficit for second quarter | The National:
"Arabtec is likely to need a capital injection or new debt financing after its second-quarter earnings figures showed a significant worsening of its cash position, analysts said yesterday.
Despite a year-on-year improvement of 51 per cent in second-quarter revenues, which jumped to Dh2.41 billion from Dh1.59bn, Arabtec ran a cash deficit of US$340 million (Dh1.244bn) in the first half of this year. It had a net cash surplus a year earlier of about $26m.
The company’s $50bn backlog, compared to six-month revenues of $1.24bn, increases the risk that Arabtec may run out of cash during completion of major projects, analysts said. The backlog stood at about $6bn at the end of last year."
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