Arabtec has reported a much lower first quarter net loss but still booked its sixth losing quarter in a row despite a rise in revenue.
The construction contractor blamed the deficit on increased costs and tough market conditions.
Arabtec made a net loss attributable to equity holders in the parent of AED 46.4mn ($12.6mn) in the three months to March 31 compared with a loss of AED 279.8mn in the corresponding period of 2015.
Revenue for the period was AED 1.94bn versus AED 1.79bn a year earlier.
Last month Reuters reported that Arabtec has hired restructuring advisor AlixPartners.
The firm will offer recommendations on how to boost the company’s funding and cash flow to support newly-awarded projects, Reuters said citing anonymous sources.