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Marka Q3 loss widens YOY

Marka PJSC said its normalized net income for the third quarter amounted to a loss of 5 United Arab Emirates fils per share, compared with a loss of 2 fils per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 26.0 million dirhams, compared with a loss of 9.2 million dirhams in the prior-year period.

The normalized profit margin declined to negative 55.6% from negative 11.8% in the year-earlier period.

Total revenue declined 15.6% on an annual basis to 65.9 million dirhams from 78.1 million dirhams, and total operating expenses increased 11.6% on an annual basis to 98.1 million dirhams from 87.9 million dirhams.

Reported net income came to a loss of 11.8 million dirhams, or a loss of 2 fils per share, compared to a loss of 14.7 million dirhams, or a loss of 3 fils per share, in the year-earlier period.

As of Nov. 15, US$1 was equivalent to 3.67 United Arab Emirates dirhams.