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FINANCIAL NEWS
Dubai’s DSI reports USD7.1m profit in Q2
15 Aug 2012
(MENAFN) Dubai-based contractor Drake & Scull International (DSI) reported a 49 percent fall in quarterly profit due to higher financing costs for acquisitions and increased provisions for contracts, Arab News reported.
DSI said it made USD7.1 million net profit during the second quarter, down from USD13.97 million a year earlier.
Contract revenue for the quarter also dropped to USD195.3 million from USD201.11 million a year earlier, the company added.
DSI unveiled plans to enter into rail and oil & gas and both business units are expected to contribute to the revenue in the second half of the year.
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