Dubai – Mubasher: The UAE-based, Marka on Tuesday stated that its net losses increased by 89% year-on-year in the third quarter of 2017.

The company’s losses reached AED 22.3 million ($6.06 million) in Q3-17, compared to AED 11.8 million ($3.21 million) in Q3-16, according to a bourse statement.

Revenues retreated 38.2% to reach AED 23.14 million in Q3-17, compared to AED 37.51 million in the corresponding period in the year before.

At the level of the first nine months of 2017, the firm’s losses were deepened by 308% to AED 198.9 million, from AED 48.7 million in the same period in the year earlier.

Losses per share rose to 39.8 fils in the first nine months in 2017, from 9.7 fils in the year-ago period.

In the first nine months of 2017, the firm registered exceptional losses from revaluation of property at a value of AED 69 million.

Marka’s general and administrative expenses surged 27%, reaching AED 84.2 million from January until September 2017, compared to AED 66.4 million in the first nine months in 2016.

At the level of the first nine months of 2017, losses from discontinued operation grew to AED 18.9 million, from AED 6.3 million in the year-ago period.