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Sun 14 Feb 2016 09:35 AM

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Drake & Scull posts substantial jump in Q4 profits

Dubai contractor posted a net profit of $4 million in the three months to Dec. 31, aided by higher revenue

Drake & Scull posts substantial jump in Q4 profits

Dubai's Drake & Scull (DSI) posted a substantial jump in its fourth-quarter net profit on Sunday, with the contractor's earnings aided by higher revenue despite a slowdown in the regional construction sector.

It posted a net profit of 14.7 million dirhams ($4 million) in the three months to Dec. 31, compared with a profit of 3.8 million dirhams ($1 million) in the year-earlier period, it said in a statement to Dubai's bourse.

An analyst at SICO Bahrain had forecast the developer would make a quarterly net loss of 38.6 million dirhams.

"In the midst of a prolonged slowdown in the regional construction sector, DSI continued to execute its projects on schedule and reported revenue of 1.4 billion dirhams in Q4 2015 compared to 1.1 billion dirhams reported for the same period last year," it said in the statement.

For 2015, the company posted a net loss of 936.8 million dirhams, against a profit of 100.7 million dirhams in 2014.

DSI's annual results were weighed by a heavy loss in the third quarter after the contractor was forced into significant provisioning.

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