DSI reports profit of AED 239 Million for the nine month period ended 30th September 2009

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Drake & Scull International PJSC (DSI) announced today its financial results for the three months ending September 30, 2009. The company reported AED71 million in net profits while revenues amounted to AED400 million for the same period. 
 
In the first three quarters of 2009, ending 30 September, DSI recorded AED239 million in profits; a rise of nearly 50% compared with the same period in 2008. For the same period, DSI recorded AED1.4 billion revenue in 2009 compared to AED1 billion in 2008.
 
“With resilient cash flow and abundant liquidity, DSI successfully enhanced profitable returns in the first nine months of the year, despite the slowdown in the construction industry,” said Khaldoun Tabari, DSI CEO.
 
The decrease in the company’s revenues was primarily a result of reduced productivity due to the mandatory reduction of working hours on projects sites that occurs during the summer period in the construction sector.
 
“The financial results announced today by DSI are in line with company expectations”, Tabari added, “We continue to review expansion opportunities in the region, and achieve sustainable growth and profits for our shareholders.”
 

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