Dubai: Dubai Parks and Resorts crossed the Dh3 billion mark in its cumulative project-related spend as of the end of March. This is according to a statement issued by the company providing construction updates and the developer's financial position in the first quarter. The figure compares with the Dh2.6 billion during the last reporting period.
The three-month period also saw the company record a loss of Dh13 million, with the first revenues due to come in only in the second half of 2016, when it would have opened the destination. (The company recorded a net loss of Dh26 million in 2014.) "We are on track to invest a cumulative Dh5.9 billion by year-end as outlined in our first quarter statement," said the company's CEO, Raeed Al Nuaimi, in an emailed statement. He maintained the company's often-stated position that it would not require any additional funding over and above what it had raised to date. This includes the Dh4.2 billion syndicated loan facility and the Dh2.5 billion raised via the share float on Dubai Financial Market late last year.
On whether there was any change to the company's projection of reaching profitability in 2018, Al Nuaimi said: "Yes, we remain on track both financially and operationally as outlined in our prospectus of last year."