FINANCIAL NEWS

Dubai’s DSI quarterly profits decline 49%

14 Aug 2010

(MENAFN) Dubai contractor Drake & Scull International’s second-quarter net profit nearly halved, shy of analysts forecasts, as market conditions remained tough.

The company made a net profit of $12.12 million in the three months to June 30, it said in a statement, a drop of almost 49 percent on the year-ago period.

The company said its project wins so far in 2010 stood at $711 million, compared to $410 millionfor the same period last year, while its backlog reached $1.3 billion.

The firm said it aims to increase its order pipeline by a third by year’s end to around $1.64 billion after it buys the two firms this year, its chief executive said in May.

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