Slump was despite revenue rising 18% to $353m during the quarter
Dubai's Drake & Scull (DSI) reported a 60 percent fall in second-quarter profit on Wednesday.
The contractor made a net profit attributable to shareholders of AED10.3 million ($2.80 million) in the three months to June 30, down from AED25.9 million in the year-earlier period, according to a statement to Dubai's bourse.
SICO Bahrain forecast the developer would make a quarterly net profit of AED23.36 million.
DSI's second-quarter revenue was AED1.30 billion, up from AED1.10 billion a year earlier. The company's total net profit, without deductions for minority interests, was AED6.2 million, down from AED26.1 million a year earlier.