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FINANCIAL NEWS
Dubai’s Drake & Scull net profit drops by 61 percent in Q1
15 May 2016
(MENAFN) Dubai’s Drake & Scull (DSI) recorded a 61 percent drop in Q1 net profit, extending an earnings slump as its revenue fell down.
Additionally, the firm made a net profit related to shareholders of USD 2.67mn in the cited quarter, compared with a profit of USD 6.83mn of 2015.
However, DSI posted worsening earnings in seven of the previous eight quarters, a decline based on a slowdown in the Gulf Construction sector.
Moreover, the company’s Q1 revenue reached USD 0.28bn, down 7.2 percent from USD 0.3bn a year earlier.
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