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 reviews strategy as losses pile up