DUBAI, Feb 13 (Reuters) - Dubai contractor Arabtec reported a wider loss in the fourth quarter on Monday.
Arabtec made a net loss of 2.95 billion dirhams ($803.38 million) in the three months to Dec. 31, Reuters calculated based on financial statements in lieu of a quarterly breakdown.
This compares with a net loss of 360 million dirhams in the corresponding period of 2015, according to Reuters’ calculations.
The builder reported a net loss attributable to the shareholders of the parent of 3.41 billion dirhams for the year 2016, compared with a loss of 2.35 billion the year earlier.
The company also said its board approved a proposed capital restructuring plan and a 1.5 billion dirhams rights issue, which would require investor consent at the next general meeting of the shareholders.
$1 = 3.6720 UAE dirham Reporting by Hadeel Al Sayegh, Editing by William MAclean