Dubai – Mubasher: Drake and Scull International's (DSI) losses reached AED 1.03 billion in the first half of 2017, while the company posted a 12% year-on-year fall in losses during the second quarter of 2017, according to a bourse statement.
Losses reached AED 198.56 million ($54 million) in Q2-17, compared to AED 225.86 million in Q2-16.
Contract revenues decreased 18% to AED 660.30 million in the second quarter of this year, from AED 805.53 million in the same period in 2016.
Contract costs declined to AED 709.10 million in Q2-17 from AED 825.79 million in Q2-16.
General and administrative expenses (G&A) reached AED 121.34 million in Q2-17, compared to AED 199.58 million in the year-ago period.
Losses reached AED 1.03 billion in the first half of 2017, compared to AED 216.33 million in the prior-year period.
During DSI's board meeting on Sunday, the company agreed to oust CEO Wael Allan and accepted the resignations of several other board members, including former executive vice chairman Khaldoun Al Tabari.
"The capital restructuring programme is steaming ahead on schedule and is set to be concluded by the end of Q3-17," a statement by the company said on Monday, adding that DSI is "forging ahead with the capital restructuring programme, adopting strategic measures to improve liquidity, and undertaking further provisioning against legacy projects."
Acting CFO Feras Kalthoum clarified that “the results of the quarter should be viewed within the context of our turnaround plan and the capital restructuring programme and are consistent with our financial targets set out at the outset of the fiscal year.”
