{"id":44097,"date":"2017-02-14T16:40:45","date_gmt":"2017-02-14T09:40:45","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-sculls-2016-net-loss-narrows-to-dh787-million\/"},"modified":"2017-02-14T19:29:40","modified_gmt":"2017-02-14T12:29:40","slug":"drake-sculls-2016-net-loss-narrows-to-dh787-million","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-sculls-2016-net-loss-narrows-to-dh787-million\/","title":{"rendered":"Drake & Scull's 2016 net loss narrows to Dh787 million"},"content":{"rendered":"


\nThe 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>\u25a0 ADIB fourth-quarter profit lower on bad debt provisioning\u25a0 Aldar fourth-quarter profit dips 1 per cent amid ‘softer operating market’\u25a0 Quarterly profit slips 9% for Amanat Holdings\u25a0 Damac Properties’ fourth-quarter net profit rises 1.3%\u25a0 Union National Bank’s fourth-quarter profit rises 29%, missing forecasts__________________________________* Reutersbusiness@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Drake & Scull’s 2016 net loss narrows to Dh787 million<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Dubai construction firm Drake & Scull reported a 2016 net loss of Dh786.9 million...<\/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-44097","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-btf","jetpack-related-posts":[{"id":34240,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-drake-scull-posts-narrower-q3-net-loss-amid-cost-cutting\/","url_meta":{"origin":44097,"position":0},"title":"Dubai's Drake & Scull posts narrower Q3 net loss amid cost-cutting","date":"November 14, 2016","format":false,"excerpt":"\r The Dubai construction firm Drake & Scull reported a narrower third-quarter net loss on Monday, partly because of cost-cutting.The firm made a Dh46.3 million loss in the three months to September 30 compared with a Dh877.8m loss in the year-ago period, according to a bourse statement.Drake & Scull also\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":44097,"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":29341,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-appoints-new-chief-executive\/","url_meta":{"origin":44097,"position":2},"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":23821,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-drake-scull-says-it-has-not-hired-adviser-to-seek-investment\/","url_meta":{"origin":44097,"position":3},"title":"Dubai's Drake & Scull says it has not hired adviser to seek investment","date":"August 24, 2016","format":false,"excerpt":"\r Dubai-listed builder Drake & Scull International has not hired a legal adviser to help to bring a strategic investor into the company, it said on Wednesday.\"The company denies the appointment of any legal adviser in connection with bringing in a strategic investor or issuance of mandatory convertible bonds,\" the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13092,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-drake-scull-q1-net-profit-falls-61-per-cent\/","url_meta":{"origin":44097,"position":4},"title":"Dubai's Drake & Scull Q1 net profit falls 61 per cent","date":"May 15, 2016","format":false,"excerpt":"\r 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23687,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-international-shares-fall-sharply-in-dubai-as-it-reviews-business-activities\/","url_meta":{"origin":44097,"position":5},"title":"Drake & Scull International shares fall sharply in Dubai as it reviews business activities","date":"August 23, 2016","format":false,"excerpt":"\r Shares in Drake & Scull International (DSI) opened sharply lower on Tuesday morning, after the construction firm said it was reviewing business activities and seeking strategic investors after slipping into the red during the second quarter.DSI shares opened more than 2 per cent lower, after Reuters reported that the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/44097"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=44097"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/44097\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=44097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=44097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=44097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}