Drake & Scull plans assets sale after posting loss | GulfNews.com

Drake & Scull plans assets sale after posting loss | GulfNews.com:

"Drake & Scull International PJSC, a Dubai-based engineering and construction company, reported its first quarterly loss and said it’s planning to sell non-core assets and cut cost to generate cash. The shares slid to a record low.

The company posted an Dh877.8 million ($239 million) attributable net loss in the three months through September, compared with profit of Dh21.4 million a year earlier, it said in statement Sunday to the Dubai stock market. The mean estimate of three analysts was for profit of Dh16.2 million.

Drake & Scull joins larger rival Arabtec Holding Co in reporting losses because of “challenging market conditions”. The company said it made one-off provisions and revenue adjustments after the decline in oil prices caused developers and clients to defer payments and delay projects across several markets."



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