Drake & Scull Q4 net profit jumps
DUBAI, February 14, 2016
Drake & Scull International, a regional market leader in general contracting and mechanical, electrical and plumbing (MEP) sector, has posted a substantial jump in its fourth-quarter net profit, with the contractor's earnings aided by higher revenue despite a slowdown in the regional construction sector.
The company posted a quarterly net profit of Dh14.7 million ($4 million) in the three months to December 31, compared with a profit of Dh3.8 million ($1.03 million) in the year-earlier period, it said in a statement to Dubai's bourse.
An analyst at Sico Bahrain had forecast the firm would make a quarterly net loss of Dh38.6 million ($10.5 million).
"In the midst of a prolonged slowdown in the regional construction sector, DSI continued to execute its projects on schedule and reported revenue of Dh1.4 billion ($381 million) in the fourth quarter of 2015 compared to Dh1.1 billion ($299 million) reported for the same period last year," it said in the statement.
For 2015, the company posted a net loss of Dh936.8 million ($255 million) against a profit of Dh100.7 million ($27.4 million) in 2014.
DSI's annual results were weighed by a heavy loss in the third quarter after the contractor was forced into significant provisioning.-Reuters