Dubai - Mubasher: Arabtec Holding has incurred a loss of AED 379.5 million attributed to the owners of the parent over the first nine months of 2019, against a profit of AED 180.5 million a year earlier.

The loss is primarily ascribed to the delays in handing over legacy projects amid the decline in the real estate and construction sector, said a recent press release.    

The firm’s revenue decreased by 18.5% annually at AED 5.8 billion over the same period in 2019, mainly dragged by a lower construction business revenue by 15.6% at AED 4.3 billion, while the group’s backlog remained solid at AED 13.5 billion.

During the third quarter ended 30 September 2019, the company suffered losses worth AED 437.423 million, versus a profit of AED 67.464 million in the corresponding quarter in 2018.   

It is worth pointing out that during the first half of this year, the company achieved a net profit attributed to the owners of the parent of AED 58 million, 48.8% year-on-year down from AED 113 million.