Property News · May 15, 2016

Dubai's Drake & Scull Q1 net profit falls 61 per cent


Dubai’s Drake & Scull (DSI) posted a 61 per cent fall in first-quarter net profit on Sunday, extending an earnings slump as its revenue declined.The contractor made a net profit attributable to shareholders of Dh9.8 million in the three months to March 31, it said in a statement. This compares with a profit of Dh25.1m in the year-earlier period.EFG Hermes forecast DSI would make a quarterly net profit of Dh20.1m.DSI had reported worsening earnings in seven of the preceding eight quarters, a slump it blamed on a slowdown in the Gulf construction sector. This included a substantial loss in the third quarter of 2015 due to provisioning.DSI’s first-quarter revenue was Dh1.03 billion, down 7.2 per cent from Dh1.11bn a year earlier.Costs shrank by a smaller margin, falling 5.1 per cent to Dh956.1m.business@thenational.aeFollow The National’s Business section on Twitter

Source : thenational.ae
Read more…Dubai’s Drake & Scull Q1 net profit falls 61 per cent

You may also like...