Drake & Scull International appointed external restructuring advisers as it reported widening losses for the third quarter of 2018, attributed to project expenditure.
The Dubai-listed engineering and construction company posted a net loss of Dh498 million for the three months to September 30, compared to a net loss of Dh181m in the previous quarter.
"The loss is attributable to the final phase of the close-out of the company's legacy projects - part of the ongoing restructuring programme which includes the assessment of all current and legacy projects," DSI said in a statement to the Dubai bourse, where its shares are traded, on Wednesday.
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Further losses are expected in the fourth quarter of 2018 as other legacy projects are closed and handed over, the company added.
DSI said it appointed Tussbridge Advisory as financial advisers, and law firms Allen & Overy and Al Tamimi & Company as legal advisers, to oversee the development of a "new and comprehensive business plan". The appointments are part of continued restructuring efforts launched two years ago to stabilise the business.
The team of advisers "working with our newly formed Restructuring Committee, will not shy away from taking the tough decisions necessary to refocus the business and, with support from our many stakeholders, restore the Company to financial health”, said Yousef Al Mulla, the group chief executive of Drake and Scull.
Since 2016-2017, Drake and Scull has worked to scale down operations and non-performing business streams, while increasing focus on core markets. The company said it is "pursuing ongoing measures to accelerate bidding efforts for new projects".
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Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
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Price: From Dh439,000
Available: Now
On Instagram: @WithHopeUAE
Although social media can be harmful to our mental health, paradoxically, one of the antidotes comes with the many social-media accounts devoted to normalising mental-health struggles. With Hope UAE is one of them.
The group, which has about 3,600 followers, was started three years ago by five Emirati women to address the stigma surrounding the subject. Via Instagram, the group recently began featuring personal accounts by Emiratis. The posts are written under the hashtag #mymindmatters, along with a black-and-white photo of the subject holding the group’s signature red balloon.
“Depression is ugly,” says one of the users, Amani. “It paints everything around me and everything in me.”
Saaed, meanwhile, faces the daunting task of caring for four family members with psychological disorders. “I’ve had no support and no resources here to help me,” he says. “It has been, and still is, a one-man battle against the demons of fractured minds.”
In addition to With Hope UAE’s frank social-media presence, the group holds talks and workshops in Dubai. “Change takes time,” Reem Al Ali, vice chairman and a founding member of With Hope UAE, told The National earlier this year. “It won’t happen overnight, and it will take persistent and passionate people to bring about this change.”
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Women & Power: A Manifesto
Mary Beard
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
3%20Body%20Problem
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more from Janine di Giovanni
Juventus v Napoli, Sunday, 10.45pm (UAE)
Match on Bein Sports
The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
