Dubai – Mubasher: Drake and Scull International (DSI) reported a 280% year-on-year loss increase for the full-year 2018.
DSI’s losses amounted to AED 4.50 billion ($1.22 billion) last year, compared to AED 1.183 billion ($322.1 million) in 2017, according to a statement to the Dubai Financial Market (DFM) on Thursday.
General and administrative expenses rose to AED 3.49 billion in 2018 from AED 940.9 million in the previous year.
In addition, financing costs increased by 17% year-on-year in 2018.
The company’s accumulated losses surged to AED 4.94 billion, around five times the company’s capital.
Meanwhile, revenues plunged 71%, while profit margin dropped to -119% from -14% in 2017.
During the first nine months of 2018, DSI’s losses fell 46% to AED 662.9 million from AED 1.22 billion in the year-ago period.
