Dubai – Mubasher: Drake and Scull International (DSI) on Wednesday reported a 46% year-on-year decrease in losses during the nine months of 2018.

The UAE-based developer’s losses reached AED 662.9 million from January to September, down from AED 1.22 billion, according to a statement to the Dubai Financial Market (DFM).

As for the third quarter of 2018, the company’s losses amounted to AED 498 million, compared to AED 317.6 million in Q3-17.

“The appointment of an experienced restructuring advisory team is an important step as we move forward with our financial and operational restructuring plan,” CEO Yousef Al Mulla said.