Marka, the Dubai-listed retailer which announced a restructuring last year, widened its loss last year as revenues fell 68 per cent “due to closure of various non-profitable stores”.
Net loss last year reached Dh218.3 million compared with a net loss of Dh150.9m a year earlier, with the bulk of losses (Dh153m) attributed to the first half of 2017 and Dh65m in the second half, the company said on Wednesday in a statement to the Dubai Financial Market.
Total revenues stood at Dh94.3 million for the year ended 31 December 2017, compared to Dh294.1m in 2016. Marka did not disclose how many stores it closed in 2017.
Marka posted deepening losses for 2017 despite starting a restructuring programme last year after failing to turn a profit since listing on the Dubai stock exchange in 2014.
Marka expanded into retail, food and beverage and children’s entertainment outlets in recent years but has been impacted by falling disposable income levels in the UAE.
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Read more:
Marka revenues fall but loss narrows
Marka shareholders back restructuring efforts at retailer
Marka woes deepen as restructuring continues
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Last October, its shareholders backed restructuring efforts that commenced earlier in the year, including plans to sell under-performing assets, restructure debt and contain the company’s costs.
"Over the past few months Marka has restructured its divisions, exited under-performing businesses, and applied a strict cost control programme across the company," chairman Khaled Bin Kalban told The National in October.
“We expect to see positive outcomes from these activities during the remainder of 2017 and beyond,” he added.
Total assets shrunk by 28 per cent to Dh752.7m in 2017 from Dh1.04bn in 2016, it said on Wednesday.
The company operates a number of fashion, hospitality and sports retail brands, including Carven, Essentiel Antwerp, food and beverage chain Reem Al Bawadi, Morelli’s Gelato and Taste of Italy by Heinz Beck.
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
Results
Final: Iran beat Spain 6-3.
Play-off 3rd: UAE beat Russia 2-1 (in extra time).
Play-off 5th: Japan beat Egypt 7-2.
Play-off 7th: Italy beat Mexico 3-2.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh132,000 (Countryman)
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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MATCH INFO
Uefa Champions League quarter-final (first-leg score):
Juventus (1) v Ajax (1), Tuesday, 11pm UAE
Match will be shown on BeIN Sports
ZAYED SUSTAINABILITY PRIZE
Avengers: Endgame
Directors: Anthony Russo, Joe Russo
Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin
4/5 stars
The Uefa Awards winners
Uefa Men's Player of the Year: Virgil van Dijk (Liverpool)
Uefa Women's Player of the Year: Lucy Bronze (Lyon)
Best players of the 2018/19 Uefa Champions League
Goalkeeper: Alisson (Liverpool)
Defender: Virgil van Dijk (Liverpool)
Midfielder: Frenkie de Jong (Ajax)
Forward: Lionel Messi (Barcelona)
Uefa President's Award: Eric Cantona
Sunday's games
Liverpool v West Ham United, 4.30pm (UAE)
Southampton v Burnley, 4.30pm
Arsenal v Manchester City, 7pm
