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Tuesday, 16 May 2017

Provision for money owed weighs on Drake & Scull International first quarter | The National

Provision for money owed weighs on Drake & Scull International first quarter | The National:

"Contractor Drake & Scull International (DSI) posted a loss of Dh722.5 million in the first quarter as it made provisions against contract sums owed from customers.

The company wrote down Dh572m in amounts due from customers on contract balances. It also declared a 23 per cent decline in year-on-year revenue during the period to Dh796m.

The loss declared for the quarter "looks like a back-calculation" said Nishit Lakhotia, the head of research at Bahrain-based Securities & Investment Company, allowing it to meet its latest capital restructuring plan."



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