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Marka Q2 loss widens YOY

Marka PJSC said its second-quarter normalized net income amounted to a loss of 11.4 million dirhams, compared with a loss of 1.6 million dirhams in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 39.3% from negative 2.8% in the year-earlier period.

Total revenue climbed 55.2% on an annual basis to 89.5 million dirhams from 57.7 million dirhams, and total operating expenses rose 82.3% year over year to 102.4 million dirhams from 56.1 million dirhams.

Reported net income totaled a loss of 18.7 million dirhams, or a loss of 4 fils per share, compared to a loss of 2.1 million dirhams, or a loss of 0 fils per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to 3.67 United Arab Emirates dirhams.