Candle in the wind
Drake and Scull has released its Q1 2017 figures showing a 23% decrease, yoy, in its revenue to AED796m. On the other hand, the company’s direct costs decreased by only 12%, which threw its gross profit in red with a -6.2% gross margin (vs. 7.2% in Q1 2016).The company has recorded exceptional provisions and impairments amounting AED715m mainly related to its receivables which resulted in an AED839m loss, the biggest since Q3 2015.
On the balance sheet side, the company recorded a 1% increase in its debt compared to FY 2016 to AED2,657m.
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