Majid Al Futtaim posts flat earnings on higher costs and lower hotels profit | The National

Majid Al Futtaim posts flat earnings on higher costs and lower hotels profit | The National:



"Majid Al Futtaim (MAF) has reported flat first-half earnings, citing higher costs and weaker hospitality industry profits.



It said earnings before interest, taxes, depreciation and amortisation remained stable at Dh1.8 billion despite a 7 per cent rise in revenue to Dh13.7bn from the same period last year.



The result reflects “higher promotional activities, costs associated with new market entries, product mix impact and a softer market in the hospitality industry”, according to the conglomerate, which operates malls, retail and leisure businesses."



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