Dubai-listed contractor posts overall 2015 loss of $255m
Drake and Scull (DSI), the Dubai-based contractor, has announced a substantial jump in its fourth quarter net profit, with revenues rising despite a slowdown in the regional construction sector.
The company posted a net profit of $4 million in the three months to December 31, 2015, compared to a profit of $1.03 million the year earlier, it said in a statement to the Dubai Financial Market.
An analyst at SICO Bahrain had predicted that the contractor would make a quarterly net loss of $10.5 million, a Reuters report said.
“In the midst of a prolonged slowdown in the regional construction sector, DSI continued to execute its projects on schedule and reported revenue of $381.1 million in Q4 2015 compared to $299.4 million reported for the same period last year,” the contracting firm said in a statement.
In 2015, the company posted a net loss of $255.05 million, as opposed to the $27.4 million profit posted in 2014. Reuters added that DSI’s annual results were weighed by heavy losses suffered in the third quarter of the year, after the contractor was forced into significant provisioning.