{"id":13092,"date":"2016-05-15T15:42:38","date_gmt":"2016-05-15T08:42:38","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=13092"},"modified":"2016-05-15T13:51:40","modified_gmt":"2016-05-15T06:51:40","slug":"dubais-drake-scull-q1-net-profit-falls-61-per-cent","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-drake-scull-q1-net-profit-falls-61-per-cent\/","title":{"rendered":"Dubai's Drake & Scull Q1 net profit falls 61 per cent"},"content":{"rendered":"


\nDubai’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
\n
\nSource : thenational.ae
\nRead more…Dubai’s Drake & Scull Q1 net profit falls 61 per cent<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai’s Drake & Scull (DSI) posted a 61 per cent fall in first-quarter net profit...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-13092","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-3pa","jetpack-related-posts":[{"id":22943,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-drake-scull-blames-cancelled-contracts-and-tough-saudi-market-for-second-quarter-loss\/","url_meta":{"origin":13092,"position":0},"title":"Dubai's Drake & Scull blames cancelled contracts and tough Saudi market for second quarter loss","date":"August 15, 2016","format":false,"excerpt":"\r Drake & Scull International (DSI) slipped to a loss of Dh207.6 million during the second quarter of 2016 (Q2 2015: Dh6.1m profit) as revenue dropped by 37 per cent year-on-year to Dh805m.The Dubai-based contractor blamed \"contract cancellations and additional one-off provisions\" for its plight, stating that the majority of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4720,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-contractor-drake-scull-q4-net-profit-jumps-despite-construction-sector-slowdown\/","url_meta":{"origin":13092,"position":1},"title":"Dubai contractor Drake & Scull Q4 net profit jumps despite construction sector slowdown","date":"February 14, 2016","format":false,"excerpt":"\r \r 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4726,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-contractor-drake-scull-reports-dh936-million-loss-for-2015\/","url_meta":{"origin":13092,"position":2},"title":"Dubai contractor Drake & Scull reports Dh936 million loss for 2015","date":"February 14, 2016","format":false,"excerpt":"\r \r Dubai-based contractor Drake & Scull reported a Dh936.8 million loss for 2015, which it blamed on the \"unprecendent measures\" it had to take in the third quarter, where it was forced to make Dh984m in provisions relating to an continuing contractual dispute in Saudi Arabia.The company said that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44119,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/contractor-drake-scull-to-raise-capital-after-loss\/","url_meta":{"origin":13092,"position":3},"title":"Contractor Drake & Scull to raise capital after loss","date":"February 14, 2017","format":false,"excerpt":"\r Drake & Scull International has become the second Dubai contractor in as many days to announce a capital raising after the company reported a Dh786.9 million loss for 2016.The company, which specialises in mechanical, electrical and plumbing work, said it had secured a commitment from Dubai-based investment bank Tabarak\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":29341,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-appoints-new-chief-executive\/","url_meta":{"origin":13092,"position":4},"title":"Drake & Scull appoints new chief executive","date":"October 10, 2016","format":false,"excerpt":"\r Khaldoun Tabari, the longstanding leader of Drake & Scull International is to stand down as chief executive the company said this morning.Mr Tabari, who bought a majority stake in the UAE based international arm of UK construction company Drake & Scull in 1988 and purchased the remaining stake a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":54058,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-shares-slump-as-shareholders-vote-to-increase-capital-reduction\/","url_meta":{"origin":13092,"position":5},"title":"Drake & Scull shares slump as shareholders vote to increase capital reduction","date":"May 8, 2017","format":false,"excerpt":"\r Shares in Dubai-based contractor Drake and Scull International (DSI) fell to their lowest level in 15 months on Sunday after the shareholders voted to further increase the company's planned capital reduction and refused to subscribe to a capital raising.Drake and Scull shares fell by 9.93 per cent during trading\u2026","rel":"","context":"In "Property 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