Dubai: DXB Entertainments’ net loss widened in 2020, partly due to impairment charges related to property and equipment.
The company reported a net loss of Dh2.7 billion for the year ended December 31, 2020. It lost Dh855 million in the same period a year earlier.
“Severe disruptions in global trade and tourism, and the city-wide lockdowns globally and locally, significantly impacted the Company’s operations and financial performance for the year 2020,” DXB Entertainments said in a statement.
The firm, which owns theme parks and hotels, said its revenue in 2020 fell 71 per cent year-over-year to Dh144 million.
Cutting costs
The company was able to keep a tight lid on its expenses with operating costs falling 49 per cent to Dh285 million in 2020.