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07/05/2009 00:00 AST
Arkan Building Materials Co made a first-quarter net loss of 91.2 million dirhams ($24.83 million) after writing down its steel inventory and said it would cancel an industrial park development.
The Gulf Arab region is no longer an easy market for steel exporters after the slump in real estate crushed demand even more steeply than on the global market.
Arkan made a net loss of 91.17 million dirhams, or 0.05 dirham a share, in the three months to March 31, compared with a profit of 17.19 million dirhams, or 0.01 dirham a share, a year earlier, it said in a statement.
"The company has made a further writedown provision of 50.2 million dirhams in respect of its inventory of steel rebars," it said in the statement on the Abu Dhabi bourse website.
It said it had decided to cancel the Arkan Industrial Park development, writing off 68.3 million dirhams of expenses incurred on the project.
Revenues for the quarter rose to 166.19 million dirhams from 103.09 million dirhams, it said.
Reuters
25/09/2016
UAE-based Arkan Building Materials said it has registered a solid growth this year and is now aiming to increase exports to 20 per cent of the group revenues over the next three years.
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Trade Arabia
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01/10/2025
In line with its commitment to advancing Kuwait's digital economy and e-commerce sphere and establishing itself as a go-to platform for all delivery needs, talabat, the leading on-demand online order
Kuwait Times
01/10/2025
LuLu Group, the region's leading retailer, has taken a powerful step forward in its ESG journey with the launch of a landmark solar energy initiative across five of its key facilities in Dubai.
Trade Arabia
01/10/2025
National Bank of Bahrain (NBB) has signed a landmark framework agreement with Banco BPM S.p.A., one of Italy's leading joint stock banking institutions, to strengthen bilateral trade and investment b
Trade Arabia
01/10/2025
Mohammed Al Qahtani, Aramco Downstream President, emphasised the importance of technological innovation and workforce upskilling to achieve downstream transformation, contribute to energy security, a
Trade Arabia
01/10/2025
Tanmiah Food Company, one of the Kingdom's leading vertically integrated poultry and food producers, has launched two new facilities in the central region of Saudi Arabia: a state-of-the-art poultry
Trade Arabia
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