Dubai – Mubasher: Drake and Scull International (DSI) reported a 586% year-on-year hike in losses for the third quarter of 2017.

Net loss amounted to AED 317.64 million ($86.46 million) in Q3-17, versus AED 46.3 million ($12.6 million) in Q3-16, the company highlighted to the Dubai Financial market (DFM).

Revenues retreated 32% to AED 590.31 million in Q3-17 from AED 868.56 million in Q3-16.

General and administrative expenses jumped 94.5% to AED 114.24 million in Q3-17, compared to AED 58.72 million in the prior-year period.

In the first nine months of 2017, net loss soared 401% to AED 1.22 billion from AED 244.13 million in the year-ago period.

DSI had previously posted a net loss of AED 1.03 billion in the first half of 2017 from AED 216.33 million in H1-16.