The company incurred an annual loss 815.3 million dirhams ($222.01 million) last year as low oil prices and an economic slowdown hit the construction sector in the Gulf region, the company said in its consolidated financial results.
Drake & Scull was not able to comply with reporting requirements requested by its lenders for a conditional waiver valid until the end of 2016, and therefore, breached financial covenants on the sukuk and other debt facilities.
(Reporting by Davide Barbuscia; Editing by Subhranshu Sahu) ((Davide.Barbuscia@thomsonreuters.com;))
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