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Gulf General Investment Company (GGICO) has narrowed its losses as revenues rose during the third quarter of the year.
Losses attributable to owners reached AED13.3 million ($3.6 million) in the three months ended September 30, down from AED15.6 million a year earlier, the company said in a filing on the Dubai Financial Market (DFM).
Total revenue for the quarter stood at AED111.3 million, up 47% compared to the same period in 2021.
The Dubai-based developer has been incurring losses due to finance cost, disposal of some assets and decline in operations of some subsidiaries.
(Writing by Cleofe Maceda; editing by Seban Scaria)
