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DSI turns profitable in Q4, posts AED 1.4bn losses in 2017

DSI turns profitable in Q4, posts AED 1.4bn losses in 2017
The UAE-based company generated profits of about AED 0.7 million in Q4-17
Drake & Scull
DSI
-2.63% 0.37 -0.01

Dubai – Mubasher: Drake and Scull International (DSI) on Wednesday announced it became profitable in the fourth quarter of 2017.

The UAE-based company generated profits of about AED 0.7 million in Q4-17, compared to losses of AED 359 million in the same period last year, according to a filing to the Dubai Financial Market (DFM).

Revenues increased to AED 656 million in the three months ended December 2017, up from AED 554 million in the corresponding period a year earlier.

On the annual basis, DSI’s losses hiked by 71% to AED 1,395.6 million ($379.9 million) last year, versus losses of AED 815.3 million ($221.94 million) in 2016.

Revenues retreated by 17% in 2017 to AED 2,702.8 million, from AED 3,259 million in the year before.