Markets Update: Drake & Scull International, Dubai's second biggest contractor, posts a decline in first quarter profits, as the Dubai Financial Market dips lower in early trading.
Dubai's Drake & Scull International posts profit decline
Drake & Scull International (DSI), Dubai's second biggest contractor, declined to the lowest level since January after first quarter profit fell 18 per cent.
DSI fell 3 per cent to trade at 79 fils a share this morning on the Dubai bourse.
Quarterly profit fell to Dh37.6 million, down from Dh45.9 million last year.
Arabtec Holding fell 1 per cent to Dh2.88 after the emirate's biggest contractor, on Monday revealed that Aabar became its single largest shareholder with a stake of more than 20 per cent. The statement came one day after reports that the sovereign wealth fund had taken a 53 per cent stake in the contractor.
The Dubai Financial Market General Index fell 0.1 per cent to 1479.69 points.
Property and construction stocks fell the most in Abu Dhabi.
Aldar Properties, the developer behind Yas Island, declined 1.9 per cent to Dh1.01.
Sorouh Real Estate, the developer behind the Sun & Sky Towers, dropped 3 per cent to 97 fils. The Abu Dhabi Securities Exchange General Index was little changed at 2472.87 points.
Elsewhere in the region, Kuwait's measure was little changed at 6429.27 points. Bahrain's measure was also little changed at 1156.77 points. Oman's MSM 30 Index lost 0.9 per cent to 5601.71 points. Qatar's QE Index fell 0.5 per cent to 8489.10 points.
The Saudi Tadawul All-Share fell 1.6 per cent to 7067.99 points.
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