Marka posts $7m in Q2 revenues

16/08/2017 07:26 AST

Marka, the first retail-focused company listed on the Dubai Financial Market, has reported total revenue of Dh25.48 million ($6.9million) for the second quarter of the year.

Total losses reported for the period were Dh125.97 million, attributed to the company's restructuring program currently underway; however, net operating loss from Q2 2017 was Dh35.90 million.

Khaled Jassim Bin Kalban, Marka chairman, said: "Over the past 12 months, Marka has faced unprecedented changes in the region's retail markets, driven by changing consumer behaviour and geopolitical influences."

"As a result, the company is restructuring its divisions and exiting underperforming businesses. Our focus moving forward is on the local and regional growth potential of our strong portfolio of F&B brands. The results announced today reflect the efforts of the company's restructuring program, which will result in a lean and efficient company with profitable assets," he added.

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