UAE's Arkan posts $24.83 mln loss in Q1

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

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