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Dubai Contractor Drake Q2 Profit Rises 63.1%

Dubai Contractor Drake Q2 Profit Rises 63.1%

Drake reported a net profit of Dhs52.2 million for the quarter ended June 30, compared with a profit of Dhs32 million in the corresponding quarter in 2012.

Dubai contractor Drake and Scull International said on Monday its second-quarter net profit rose 63.1 per cent, beating analysts’ estimates on new project wins and improved operating margins.

Drake, which specialises in mechanics, engineering and plumbing, reported a net profit of Dhs52.2 million ($14.2 million) for the quarter ended June 30, compared with a profit of Dhs32 million in the corresponding quarter in 2012, it said in a bourse statement. The company did not specify whether the profit was attributable to its equity owners.

Five analysts polled by Reuters forecasted an average quarterly net profit of Dhs49.5 million.

Drake has won a series of projects in Saudi Arabia and the United Arab Emirates, including a $461 million contract to build a twin-tower residential and commercial development in Saudi Arabian city of Jeddah.

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