Dubai contractor giant loses in Q1 this year| MENAFN.COM

Thursday, 30 June 2022 01:06 GMT

Dubai contractor giant loses in Q1 this year


(MENAFN) Contractor Drake & Scull global fluctuation to a loss in the first three years of 2022, as it liquidated bank assurances as well as interest duties through its continuing restructuring procedure.

The contractor dispatched a Dh52.4 million (USD14.2 million) loss, in comparison to a Dh115.7 million revenues in the same duration a year before, as stated by DSI to the Dubai Financial Market. It is now concentrating on court agreement to implement a restructuring startegy, following it securing the creditors' authorization, as noted by head of DSI, Shafiq Abdelhamid.

Drake & Scull had been struggling with growing losses following a drop in oil costs 8 years ago caused to a decrease in latest projects, in addition to, the firm faced challenges to recover receivables due to it.

MENAFN24052022000045014302ID1104266241


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.