Now Reading
Dubai’s Drake & Scull records Q2 net loss

Dubai’s Drake & Scull records Q2 net loss

DSI had reported worsening earnings in eight of the preceding nine quarters

Dubai’s Drake & Scull (DSI) swung to a second-quarter net loss as revenue shrank amid a slowdown in the construction sector.

The contractor made a net loss attributable to owners of the parent of Dhs207.6m ($56.6m) in the three months to June 30, it said in a statement. This compares with a profit of Dhs10.3m in the year-earlier period.

EFG Hermes forecast DSI to make a quarterly loss of Dhs11.4m.

DSI had reported worsening earnings in eight of the preceding nine quarters that it blamed on a slowdown in the Gulf construction sector, including a substantial loss in the third quarter of 2015 due to provisioning.

DSI’s second-quarter revenue was Dhs805.5m, versus Dhs1.29bn a year earlier.

Total net loss reached Dhs225.9m, it said.

© 2020 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top