Drake & Scull, Arabtec post losses in Q3
Drake & Scull loss partly due to cost-cutting
* Arabtec also reported narrower Q3 loss
* Arabtec revenue grew to AED2bn
Dubai construction firm Drake & Scull reported a narrower third-quarter net loss on Monday, partly because of cost-cutting.
The firm made an AED46.3 million ($12.6m) loss in the three months to September 30 compared with an AED877.8m loss in the year-ago period, according to a bourse statement.
Drake & Scull also said it had appointed a financial advisor in the third quarter to assist in business transformation and strategic initiatives. It did not name the advisor.
Arabtec also down
Meanwhile, Dubai construction firm Arabtec Holding reported a narrower third-quarter net loss on Monday as it cut costs and increased revenue.
The company made a loss of AED225.5m ($61.4m) attributable to the owners of the parent in the three months to September 30, compared with an AED944.8m loss in the same period of last year, according to a bourse filing.
Revenue grew by 24.8 percent year on year to AED2 billion.