KHALEEJ TIMES, Wednesday, Nov 15, 2017 | Safar 26, 1439

Marka cuts losses to Dh22 million

Marka on Tuesday reported Dh22 million net loss for third quarter of 2017 with revenue amounted to Dh23 million compared to Dh25 million in second quarter of this year.  

In a statement, the company said the third-quarter result reflects the progress the company is making on its ongoing cost control programme - with a reduction of 75 per cent of its general expenses compared to second quarter of 2017 from Dh45 million to Dh11 million - as well as strong operational changes that are moving the company towards long term financial improvements.

Marka chairman, Khaled Jassim bin Kalban, said the company is maintaining a strict cost control programme and making strong operations improvements. "With the steady progresses made across all brands, we are in a better position to envisage the future with confidence. The Board of Directors thanks our shareholders, employees, customers and partners for their continued support of our efforts."