Dubai – Mubasher: Marka on Tuesday said it suffered a sharp rise in losses by 573.8% year-on-year in the second quarter of 2017.
The company suffered AED 126 million ($34.3 million) in losses in Q2-17, up from AED 18.7 million ($5.09 million) during the year-ago period, according to a statement to Dubai Financial Market (DFM).
The company attributed the increase in losses to the execution of the restructuring programme, which resulted in an operating loss of AED 26 million.
However, Marka succeed in achieving total revenues of AED 25.48 million during Q2-17.
Between January and June, Marka incurred losses of AED 154 million, registering a rise of 316% from AED 37 million in the year-ago period, while accumulated losses reached AED 361.3 million by the end of H1-17.
Earlier this year, Marka posted a 56.1% year-on-year increase in its losses to AED 27.86 million in Q1-17, compared to AED 17.85 million in Q1-16.
