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Dubai’s Drake & Scull Q2 Net Profit Drops 41%

Dubai’s Drake & Scull Q2 Net Profit Drops 41%

The company made a profit of Dhs25.88 million ($7.05 million) in the three months to June 30.

Dubai contractor Drake & Scull reported a 41 per cent drop in second-quarter net profit on Sunday, missing analyst forecasts, as delays on major projects in Saudi Arabia hit earnings.

Drake made a profit of Dhs25.88 million ($7.05 million) in the three months to June 30. This compares with a profit of Dhs43.96 million in the corresponding period of 2013.

Analysts polled by Reuters on average forecast Drake would make a quarterly profit of Dhs48.8 million.

Revenues in the second quarter reached Dhs1.1 billion compared to Dhs1.34 billion in Q2 2013, the statement said.

Revenue growth was slightly hindered and profitability dropped year-on-year due to the “significant delays” on the company’s major projects in Saudi Arabia, Drake’s chief financial officer Mukhtar Safi said in the statement.

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