Marka, a Dubai-based retail operating company, has posted a net loss on Dh8.3 million ($2.28 million) for the three months ending on March 31, not reflecting the recent acquisitions or operational activities.

The operational highlights for the period include the acquisition of Retailcorp UAE; added 155,985 sq ft of retail space across the UAE to its portfolio with Retailcorp acquisition; and the acquisition of 60 per cent stake in Cheeky Monkeys Playland & Sweet Surprise – including four facilities at Al Barsha, Mirdif, Jumeirah Beach Residence and J3 Mall in Dubai

Khaled Almheiri, vice-chairman and managing director, said: “The results we announced for the first quarter of 2015 are in line with the commitments made to our investors during our IPO.

“During the first quarter of this year, Marka achieved major milestones including the completion of two acquisitions, with significant progress on additional deals which we expect to close by Q3 2015.”

“Once the acquisitions completed during the period are consolidated, we anticipate that the company will enter profitability within 2016, significantly ahead of the IPO forecast,” Almeheiri said.

“Marka continues to make progress on our business plan and achieve significant milestones across all three business divisions – Marka Sports, Marka Fashion and Marka Hospitality. We are currently operating four fashion outlets and 15 sporting goods stores and will be launching our flagship concepts, ‘Taste of Italy by Heinz Beck’ in Dubai and the world’s first ‘UEFA Champions League Experience’ in Abu Dhabi during the second quarter of 2015,” he added. - TradeArabia News Service