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MIDEAST STOCKS-Dubai’s DXBE, Industries Qatar drop on weak Q2 in early trade – Reuters

DUBAI, Aug 9 (Reuters) – Shares of Dubai theme park operator DXB Entertainments sank in early trade on Wednesday because of weak interim earnings, while Doha’s Industries Qatar was also down after its quarterly net income missed analysts’ estimates.

Dubai’s stock index fell 0.4 percent as DXBE fell 3.0 percent after reporting a first-half net loss of 578 million dirhams ($157 million). The company has not made a profit since it opened its first theme parks and hotels in October 2016.

The company said it was reorganising its business into three units: theme parks, family entertainment centres, and retail and hospitality. It announced an agreement with local developer Meraas to manage its portfolio of leisure and entertainment offerings including Hub Zero, Splash Pad and Roxy Cinemas.

Builder Arabtec fell 2.8 percent. The company said it swung to a net profit attributable to the parent of 39.8 million dirhams in the three months to June 30, compared to a loss of 186.4 million dirhams a year ago.

In neighbouring Abu Dhabi, the index was down 0.5 percent as Dana Gas, which is expected to report earnings on Thursday, fell 1.5 percent.

Qatar’s largest petrochemical producer, Industries Qatar , dropped 1.6 percent after its second-quarter net profit shrank 47 percent from a year earlier to 682 million riyals ($187 million), missing analysts’ average forecast of 787 million riyals. The Doha index was down 0.6 percent.

In Saudi Arabia, ethylene producer National Petrochemical (Petrochem) rose 2.6 percent. It reported a net profit of 132.3 million riyals ($35.3 million), shrinking by about a third from a year ago.

The petrochemical maker attributed the fall in net income to an unplanned shutdown of one of its plants in May and higher financing costs.

Petrochem’s majority shareholder, Saudi Industrial Investment Group, lost 2.6 percent after its quarterly net income fell 54 percent from a year ago to 70 million riyals.

Most other petrochemical producers rose, however, helping carry the Saudi stock index 0.2 percent higher after 35 minutes of trade. (Reporting by Celine Aswad; Editing by Andrew Torchia and Matthew Mpoke Bigg)

MIDEAST STOCKS-Dubai’s DXBE, Industries Qatar drop on weak Q2 in early trade – Reuters}

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