Sunday 21 October 2018

Khaled Jassim Bin Kalban

Marka posts $6m net loss for Q3

DUBAI, November 14, 2017

Marka, the UAE's first publicly traded retail operator, has posted a net loss of Dh22 million ($5.98 million) for the third quarter of the year compared to a net loss of Dh126 million in the second quarter.

The company reported total revenue of Dh23 million during the period as against a total revenue of Dh25 million in the previous quarter.

The results for this quarter reflect the progress the company is making on its ongoing cost control programme – with a reduction of 75 per cent of its general expenses compared to Q2 2017 from Dh45 million to Dh11 million – as well as strong operational changes that are moving the company towards long term financial improvements.

Marka chairman Khaled Jassim Bin Kalban said: “The Company is maintaining a strict cost control program and making strong operations improvements. With the steady progresses made across all brands, we are in a better position to envisage the future with confidence. The Board of Directors thanks our shareholders, employees, customers and partners for their continued support of our efforts.” – TradeArabia News Service

Tags: retail | Revenue | net loss | Marka |

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