Property News · February 14, 2017

Drake & Scull's 2016 net loss narrows to Dh787 million


The Dubai construction firm Drake & Scull reported a 2016 net loss of Dh786.9 million on Tuesday, narrowing from a loss of Dh938.8m in the previous year.Revenue shrank to Dh3.24 billion last year from Dh4.2bn in 2015. The contractor’s net loss for the fourth quarter of 2016 amounted to Dh490m dirhams, compared to a profit of Dh14.7m a year earlier.Drake & Scull also said that as part of its turnaround and capital restructuring plan, it was considering proposing a rights issue of Dh500m in equity to a strategic investor, and that it had secured a binding offer from the UAE’s Tabarak Investment.Like other construction firms in the region, the company has been hit hard by tough competition in the sector and an economic slowdown caused by low oil prices.__________________________________Earnings reports<div class=”embedObjects”><img src=”http://www.thenational.ae/assets/otherimages/bz15-embed.jpg” alt=”embed” width=”475″ height=”267″>Dana Smillie for The National</div>■ ADIB fourth-quarter profit lower on bad debt provisioning■ Aldar fourth-quarter profit dips 1 per cent amid ‘softer operating market’■ Quarterly profit slips 9% for Amanat Holdings■ Damac Properties’ fourth-quarter net profit rises 1.3%■ Union National Bank’s fourth-quarter profit rises 29%, missing forecasts__________________________________* Reutersbusiness@thenational.aeFollow The National’s Business section on Twitter

Source : thenational.ae
Read more…Drake & Scull’s 2016 net loss narrows to Dh787 million

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