Under pressure
Drake & Scull released its Q3 1017 results showing a decrease of 32%, yoy, in its revenues to AED590m. The gross margin deteriorated further to -38% (vs. -1.1% in Q3 2016).The company was not able to control its general and administrative expenses that have almost doubled to AED114m, compared to AED58m in Q2 2016.
On the balance sheet side, the company is showing an 11.5% increase in its bank borrowings compared to FY 2016 up to AED2,930m.
The company’s backlog dropped by 28% to AED6.3bn (vs.
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