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Thu 13 Feb 2014 01:05 PM

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Dubai's Drake and Scull says 2013 net profit rises 61%

Building contractor made a net profit of $50.37m, up from $31.3m in 2012

Dubai's Drake and Scull says 2013 net profit rises 61%

Dubai-based Drake and Scull made a net profit of AED185m ($50.37m) in 2013, up from AED115m in 2012, the building contractor said on Thursday.

Fourth-quarter profit was AED40m, according to Reuters calculations, up from AED26.74m a year ago. EFG Hermes had forecast it at AED50.77m while SICO Bahrain expected the firm to earn AED39.40m.

"They did better than in 2012 but that was
expected," says Sanyalak Manibhandu, senior analyst at NBAD Securities.
"When you come out with profit that is only in line with estimates, this
might bring out profit-takers."

Drake and Scull announced no dividend payments.
This was also expected but a surprise payout could have offset potential
pressure on the stock price, Manibhandu says.

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