Dubai theme park operator DXBE said first-quarter losses narrowed to about 360 million dirhams ($98 million) from a loss of about 564.6 million dirhams a year earlier.
It comes as the entertainment sector is hit hard by a pandemic which has closed the doors of attractions worldwide.
The company had negative operating cash flows of 49 million dirhams for the first three months of the year and has net current liabilities of 92 million dirhams as at the end of the quarter, Pricewaterhouse Coopers (PwC) said in its review of the company's accounts.
"There is inherent estimation uncertainty in the expected future cash flows which continue to be further impacted by the effect of the COVID-19 pandemic on the operations and he financial performance of the group," PwC said in results posted on the Dubai Financial Market.
The company was originally listed on the exchange in 2014. It owns Dubai Parks and Resorts which it describes as the largest integrated theme park destination in the Middle East.
Dubai theme park operator DXBE reports $98m loss
https://arab.news/bxe4q
Dubai theme park operator DXBE reports $98m loss
- Negative operating cash flows of 49 million dirhams in Q1
- Theme park company originally listed in 2014
DP World announces new leadership appointments
DUBAI: DP World announced the appointment of Essa Kazim as Chairman of its Board of Directors and the appointment of Yuvraj Narayan as Group Chief Executive Officer.
Essa Kazim currently serves as Governor of the Dubai International Financial Centre and Chairman of Borse Dubai. He brings extensive experience in financial and economic affairs, having previously held senior leadership positions in several national institutions.
Yuvraj Narayan has extensive professional experience in financial management, corporate finance, supply chains, and global trade. Since joining DP World in 2004, he has led a number of strategic and transformational initiatives that supported the company’s expansion across international markets and strengthened its role as an integrated global provider of end-to-end supply chain solutions.
Narayan has served as Group Chief Financial Officer since 2005, contributing to the company’s financial resilience and operational efficiency.
DP World affirmed that the new appointments support its strategy for sustainable growth and reinforce its role in strengthening global supply chains and supporting Dubai’s position as a leading hub for trade and logistics.
