{"id":4726,"date":"2016-02-14T15:36:14","date_gmt":"2016-02-14T08:36:14","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=4726"},"modified":"2016-02-14T15:32:10","modified_gmt":"2016-02-14T08:32:10","slug":"dubai-contractor-drake-scull-reports-dh936-million-loss-for-2015","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-contractor-drake-scull-reports-dh936-million-loss-for-2015\/","title":{"rendered":"Dubai contractor Drake & Scull reports Dh936 million loss for 2015"},"content":{"rendered":"


\n
\nDubai-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 it had “normalised its profitability” following this, declaring a Dh14m fourth quarter profit as revenue climbed by 27 per cent to Dh1.4 billion (Q4 2014: Dh1.1bn).
\nHowever, full-year revenue dropped by 11 per cent to Dh4.2bn and despite winning Dh3bn worth of projects during 2015, its backlog fell by 18 per cent to Dh11.83bn by its year end.In a statement, the company said that it will continue to pursue debts and legal claims, adding that it “expects a number of provisions to be reversed in the future”. It has also begun a cost-cutting drive, arguing that it was committed to a “process of fiscal consolidation, discipline and austerity in light of the prevailing macroeconomic environment”.
\n“Despite the current challenging market conditions, the underlying long term growth outlook for the regional industry presents promising opportunities for DSI, particularly in the UAE,” the statement said.”DSI retains its optimism about the prospects for its engineering business, which is expected to remain the key growth driver for DSI, with an additional promising potential for the rail sector in 2016.”
\nmfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Dubai contractor Drake & Scull reports Dh936 million loss for 2015<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai-based contractor Drake & Scull reported a Dh936.8 million loss for 2015, which it...<\/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-4726","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\/p75ss1-1ee","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":4726,"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":44119,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/contractor-drake-scull-to-raise-capital-after-loss\/","url_meta":{"origin":4726,"position":1},"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":13092,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-drake-scull-q1-net-profit-falls-61-per-cent\/","url_meta":{"origin":4726,"position":2},"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":4720,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-contractor-drake-scull-q4-net-profit-jumps-despite-construction-sector-slowdown\/","url_meta":{"origin":4726,"position":3},"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":57520,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/former-drake-scull-chairman-sells-stake-at-dubai-contractor\/","url_meta":{"origin":4726,"position":4},"title":"Former Drake & Scull chairman sells stake at Dubai contractor","date":"June 12, 2017","format":false,"excerpt":"\r The former Drake & Scull chairman Khaldoun Tabari has sold his stake in the contractor Drake & Scull to the company pledging to put Dh500 million of new money into the business.Mr Tabari is understood to have completed a transaction to sell his remaining stake in the Dubai-based contractor\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57616,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/former-drake-scull-vice-chairman-sells-stake-at-dubai-contractor\/","url_meta":{"origin":4726,"position":5},"title":"Former Drake & Scull vice-chairman sells stake at Dubai contractor","date":"June 12, 2017","format":false,"excerpt":"\r The former Drake & Scull vice-chairman Khaldoun Tabari has sold his stake in the contractor Drake & Scull to the company pledging to put Dh500 million of new money into the business.Mr Tabari is understood to have completed a transaction to sell his remaining stake in the Dubai-based contractor\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\/4726"}],"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=4726"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/4726\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=4726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=4726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=4726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}