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.
(Construction cost stumbling in Saudi Arabia, read here)
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.