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Drake & Scull International PJSC posts AED 42 million net profit for Q1 2010

2010-05-12

Drake & Scull International PJSC (DSI), a regional leader delivering integrated engineering capabilities, today reported AED 42 million in net profits for the first quarter of 2010 ending March 31^st and revenues of AED 386 million for the same period.“Q1 2009 net operating profit of AED 48 million before amortization and interest income compares to AED 37 million net operating profit in Q1 2010 before amortization. These results reflect a year on year 23% drop in operating profit” stated Osama Hamdan, DSI CFO. “It is worth mentioning that in spite of the current challenges we have maintained our operating margins,” added Hamdan. “Our revenue was affected by the extension of project completion dates and the pre-construction activities of our new projects in addition to the development of new territories, like Egypt, Oman and Saudi Arabia.” Said DSI CEO,  Khaldoun Tabari.  “We have seen a positive start to the year with over AED 1 billion worth of projects being added to our backlog, currently standing at AED 4 billion as of April 1^st 2010. This will have a positive effect on our future revenue which is expected to materialize in the second half of the year.” Added Tabari The Drake & Scull International board of directors also approved in a meeting held yesterday the start of the company’s operations in Syria, which is expected to come into effect by the end of the year.  “The companies we acquired in 2009 and early 2010, Passavant – Roediger, Drake & Scull Qatar and Drake & Scull Kuwait are being integrated with our corporate operations and will start generating revenue by the second half of the year. Our planned growth strategy will deliver the results expected in accordance with our overall 2010 financial targets”, said Tabari.