|11-16-2014, 02:38 PM||#1|
Dubai`s DSI better than projected profits
Dubai`s Drake & Scull (DSI), a global industry leader delivering state-of-the-art projects and solutions, reported a 10 percent drop of its net profits for the third quarter to actually beat the market forecasts with the help of increased revenue throughout that period.
According to Dubai bourse, DSI third quarter net profit reached a sum of AED21.4 million ($5.83 million), down from AED23.8 million but easily above the market forecasts of AED16.1 million.
Such better than projected profits were triggered by the third quarter firm revenue of AED1.24 billion, up from AED995 million the same period last year.
"Operating cash flow remains stretched until we finalize our negotiations on the large claim and variations orders with some of our major clients in Saudi Arabia," said Mukhtar Safi , DSI`s chief financial officer.
"Overall, we have picked up operational momentum in our key markets in the GCC (Gulf Cooperation Council) and particularly in the UAE," he added.
Dubai`s DSI continues to be at the helm, driving the market forward through innovation for more than 130 years across its five main high-performance sectors including: General Contracting, Engineering, Rail, Oil and Gas, Infrastructure development, Water and Wastewater treatment.
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