Dubai – Mubasher: DXB Entertainments posted a net loss of AED 268 million during the third quarter in 2019, 2% lower than AED 275 million in the corresponding quarter in 2018.

Revenues dropped by 24% to AED 78 million in Q3-19, compared to AED 103 million in the previous year, according to a press release on Thursday.

During the nine months ended 30 September, the net loss amounted to AED 717 million, 4% down from AED 744 million a year earlier, while revenues slipped by 16% year-on-year to AED 330 million in 2019 from AED 392 million.

"We have made good progress in further optimising our cost structure and creating a leaner and more efficient business. Consequently, adjusted EBITDA loss improved by 13% to AED 151 million for the first nine months of 2O19, which is in line with our EBITDA breakeven strategy," said the CEO and managing director of DXB Entertainments, Mohamed Almulla. 

During the first half of 2019, the company’s revenue fell to AED 252 million, compared to AED 289 million in H1-18.