Dubai contractor Drake & Scull’s Q3 profit misses forecasts

Dubai’s Drake & Scull International missed analysts’ forecasts on its third-quarter results. (File photo: AFP)

Dubai’s Drake and Scull International on Wednesday posted third-quarter results that missed analysts’ forecasts despite a near six-fold jump in profit.

Drake, which specializes in mechanics, engineering and plumbing, reported a net profit of 23.8 million dirhams ($6.48m) for the quarter ended September 30, compared with a profit of $1.06m in the corresponding quarter in 2012, it said in a bourse statement.

However, four analysts polled by Reuters forecasted an average quarterly net profit of $9.17m.

Drake shares have risen 78 percent year-to-date on the back of a recovery in Dubai’s real estate market.

Contract revenue for the third quarter rose to $270m from $169.5m in the prior-year period.

The contractor said its total order backlog reached a record high of $3.3bn as of September 30, representing a 65.3 percent year-on-year growth.

Last Update: Wednesday, 20 May 2020 KSA 09:41 - GMT 06:41