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Dubai-based contractor Drake & Scull International (DSI) narrowed its net loss for Q3 2023 to 35 million dirhams ($9.5 million) versus a net loss of AED68.5 million in the year earlier period.
Revenue for the quarter was AED18.9 million, down from AED19.1 million a year earlier, the company said in a disclosure on the Dubai Financial Market (DFM).
The company has posted accumulated losses of approximately AED5.3 billion as of the third quarter of the year.
Loss from continued operations during the quarter ended September 30, 2023 stood at AED195 million, up by 23% from AED158 million during the same period in 2022, the company.
“The major reasons behind the loss were the net financing cost, bond encashment and commercial cases that will be adjusted upon successful completion of the restructuring process,” the company said.
Total negative equity increased to AED4.261 billion compared to AED4.083 billion as of December 31, 2022.
DSI has an order backlog of AED 464 million driven by ongoing operations in the UAE and overseas.
(Writing by Cleofe Maceda; editing by Brinda Darasha)
