Dubai-based construction company Drake & Scull International PJSC (DSI) on Monday reported net losses attributable to shareholders of AED 46.3 mn in the third quarter of 2016, according to their 9M 2016 financial statement, compared to losses of AED 877.8 mn in the same period last year.
The company also announced the appointment of a financial advisor to assist in business transformation and strategic initiatives.
DSI has been hit hard by the effects of sustained low prices around the region, including the freeze of Saudi government payments owed to contractors.
To counter these issues, DSI has engaged in a cost-cutting program and is considering other executive decisions such as withdrawal from non-core markets. Despite the difficult circumstances, DSI has managed to increase revenues for the third quarter to AED 869 mn from AED 434 mn during the same period last year.