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Thursday, 30 March 2017

Auditor warns on Drake & Scull’s future as contractor breaches terms of bank loans | The National

Auditor warns on Drake & Scull’s future as contractor breaches terms of bank loans | The National:

"Drake & Scull International’s chairman Majed Al Ghurair has said the company will focus on "strengthening our capital structure and reducing our leverage level" after the contractor reported a loss of Dh732.9 million and confirmed it was in breach of banking covenants. It finished the year with a negative cash balance of Dh329m, according to newly filed accounts. The company’s auditor, PwC, warned that a "material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern"."



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