Property News · February 14, 2016

Dubai contractor Drake & Scull Q4 net profit jumps despite construction sector slowdown



Dubai’s Drake & Scull (DSI) posted a substantial jump in its fourth-quarter net profit on Sunday, with the contractor’s earnings aided by higher revenue despite a slowdown in the regional construction sector.It posted a net profit of Dh14.7 million in the three months to December 31, compared with a profit of Dh3.8m in the year-earlier period, it said in a statement to Dubai’s bourse.An analyst at SICO Bahrain had forecast the developer would make a quarterly net loss of Dh38.6m.
“In the midst of a prolonged slowdown in the regional construction sector, DSI continued to execute its projects on schedule and reported revenue of Dh1.4 billion in Q4 2015 compared to Dh1.1bn reported for the same period last year,” it said in the statement.For 2015, the company posted a net loss of Dh936.8m, against a profit of Dh100.7m in 2014.DSI’s annual results were weighed by a heavy loss in the third quarter after the contractor was forced into significant provisioning.
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Source : thenational.ae
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