Dubai – Mubasher: Drake & Scull International (DSI) reported a net profit of AED 9.52 million ($2.59 million) in the first quarter of the year, down 66% from AED 27.85 million (7.58 million) in the same period last year.
Falling revenues by 7% year-on-year to AED 1.03 billion in Q1-16, from AED 1.11 billion, were the main reason behind the retreating profits, DSI said in a filing to the Dubai Financial Market (DFM) on Sunday.
DSI’s total backlog stood at AED 11.3 billion as of 31 March 2016, compared to AED 13.8 billion reported during the same period in 2015, while total project awards for Q1-16 closed at AED 343 million .
The company previously posted a loss of AED 936.7 million in 2015 against a net profit of AED 101 million in 2014.
DSI’s share ended Thursday in the green, adding 1.07% to AED 0.57, after 19 million shares were traded, valued at AED 10.67 million.
